REGISTERED NUMBER: 04237054 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

COUNT ENERGY DISTRIBUTION LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Statement of Cash Flows

15

Notes to the Financial Statements

17

DIRECTORS:

J Baaima

J H Bollebakker

I Farooqi

J Goodwin

REGISTERED OFFICE:

Unit 2 Loughton Business Centre

Langston Road

Loughton

IG10 3SJ

REGISTERED NUMBER:

04237054 (England and Wales)

AUDITORS:

Chegwidden & Co

Statutory Auditors

Chartered Accountants

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

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

REVIEW OF BUSINESS

Count Energy Distribution is a global trade company operating in the petrochemical industry, specialising in the sourcing, distribution, and supply of selected chemicals across international markets. Our aim is to consistently deliver value to our customers through high-quality products, technical expertise, reliable logistics, and full compliance with international safety and environmental standards. Leveraging our strong, long-term relationships across Europe and our efficient logistics networks, we provide our strategic customers and suppliers with flexible supply options under term contracts. Furthermore, we support our industry partners via permanent contracts by actively managing their long-term supply and demand needs, ensuring reliability and continuity in a dynamic market environment.

2024 was a pivotal year for Count Energy Distribution, marked by both challenges and meaningful progress. Turnover increased by 22%, while EBITDA declined by 78%. This was anticipated, as our focus in 2024 was on building strong relationships with new suppliers and customers. These investments have created a solid platform for sustainable and profitable growth in the years ahead. Looking forward, we aim to accelerate revenue growth through portfolio diversification ensuring we are well positioned to strengthen margins and deliver long-term earnings growth.

The results for the year and the financial position of the Company are as shown in the annexed financial statements.

STRATEGIC OBJECTIVES

During the year, our strategy has been guided by three core priorities:

1. Growth & Market Expansion - broadening our global footprint with entry into new and high-potential markets such as

North America, Chile, and Côte d'Ivoire.

2. Portfolio expansion- introducing new product categories, particularly speciality chemicals. These products aim to

offer a higher profit margin and deliver greater value per transaction.

3. Sustainability & Compliance - strengthening our ESG framework and ensuring compliance with international best

practices. Our ambition is to remain within the top 1% of globally recognised sustainable companies by continue

reducing environmental impact, investing in safe handling of chemicals, and ensuring ethical business conduct.

Our long-term ambition is to position Count Energy Distribution as a preferred partner in chemical trading, balancing profitability with environmental and social responsibility.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board and management team actively monitor the key risks facing the Company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually.The principal risks and uncertainties facing the Company are as follows:

Economic downturn

The financial year 2024 was marked by geopolitical uncertainty and petrochemical price volatility. Despite these challenges, we achieved a revenue growth and customer diversification, supported by the introduction of new product categories. The Company acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining.

Competitor pressure

The market in which the Company operates is considered to be competitive, and therefore competitor pressure could result in losing sales to key competitors. The Company manages this risk by providing quality services and maintaining strong relationships with its key customers.

Reliance on key suppliers

The Company's purchasing activities could expose it to over reliance on certain suppliers and inflationary pricing pressure. The Company manages this risk by ensuring there is enough breadth in its supplier base and by constantly seeking to find potential alternative suppliers that may be used, if necessary.To counter this, we expanded and diversified our supplier network in 2024, even at initially higher cost. This strategic shift is already strengthening trust, improving supply security, and positioning us for future cost optimisation.

Loss of key personnel

This would present significant operational difficulties for the Company. Management seek to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.

KEY PERFORMANCE INDICATORS ("KPI")

The company assesses the following as key performance indicators:

Revenues of £100.4m, up 22% from £82.2m in FY 2023.

Gross margin of £2.4m, down 25% from £3.1m in FY 2023.

Gross profit % of 2.4%, down 1.4% from 3.8% in FY 2023.

EBITDA of £0.3m, down 78% from £1.3m in FY 2023.

Cash balances of £755k, down 4.5% from £790k in FY 2023.

The Company recognises the decrease in the key performance indicators of gross margin and EBITDA as a result of expanding and diversifying our supplier network. The initial reduction of gross and net profit margins are a short term effect, as the strategic shift will result in long term improvements to margins and supply security.

SUSTAINABILITY

The Count Group aim to be the bridge between the present and a sustainable future for the petrochemical industry by offering accessible sustainable alternatives.

Through the Environmental, Social and Governance (ESG) framework, we monitor our sustainability performance and annually report on it under internationally recognised standards such as the GRI standards and the GHG Protocol.

Our vision is to co-create with our partners a petrochemical industry where commercial opportunity and sustainability are synonymous, by bringing affordable, high-quality, circular feedstock to the market as efficiently and cost-effectively as possible. Our research on sustainability is crucial to advancing our ESG strategy. Our core research topics are advanced recycled feedstock, carbon accounting best practices, and ESG legislation.

We prioritise regular and transparent communication of our sustainability initiatives as a fundamental aspect of our strategy. This includes actively educating our employees and business partners on our sustainability efforts and best practices to promote awareness and engagement.

This year Count Energy Distribution Limited proudly renewed the Ecovadis' Platinum Medal, keeping itself into the top 1% of globally recognised sustainable companies. The Platinum EcoVadis Rating is a prestigious acknowledgment of a company's commitment to sustainability and responsible business practices. EcoVadis is a globally recognised sustainability assessment platform that evaluates businesses based on their environmental, social, and ethical performance. This recognition is a testament to Count Energy Distribution's resolute commitment to driving positive change and steering the chemical industry towards a sustainable future.

Additional significant achievement was receiving the ISO 9001 certificate of goods standards. The fundamental goal of the Quality management System is to ensure that all suppliers and customers are vetted to ensure product safety, quality and compliance as well as checking financial suitability. Also, to ensure that all material stored and then delivered to customers is within the required specification of quality, the necessary safety parameters and is handled in compliance with all local regulations. Service level is also critical in all the above steps.

SECTION 172(1) STATEMENT

In accordance with The Companies (Miscellaneous Reporting) Regulations 2018. The Directors confirm that they consider:

a. the likely consequences of any decision in the long term,

b. the interests of the company's employees,

c. the need to foster the company's business relationship with suppliers, customers and others,

d. the impact of the company's operations on the community and the environment,

e. the desirability of the company maintaining a reputation for high standards of business conduct, and

f. the need to act fairly as between members of the company.

ON BEHALF OF THE BOARD:

J H Bollebakker - Director

30th September 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The company's principal activity during the period was the trading and distribution of industrial chemicals.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

J Baaima

J H Bollebakker

I Farooqi

J Goodwin

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 '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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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.

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 the 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, Chegwidden & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J H Bollebakker - Director

30th September 2025

Opinion

We have audited the financial statements of Count Energy Distribution Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year 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 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 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.

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 page five, 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 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.

Auditors' 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 a Report of the Auditors 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:

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and

regulations that could give rise to a material misstatement in the financial statements, including, but not limited to,

UK tax legislation and the equivalent local laws and regulations in geographical markets in which the Company

operates.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with

applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other

adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the

normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

P G Harris ACA FCCA (Senior Statutory Auditor)

for and on behalf of Chegwidden & Co

Statutory Auditors

Chartered Accountants

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

30th September 2025

TURNOVER

3

100,399,611

82,191,563

Cost of sales

98,033,047

79,055,682

GROSS PROFIT

2,366,564

3,135,881

Distribution costs

1,011,019

710,794

Administrative expenses

2,154,482

2,292,396

3,165,501

3,003,190

(798,937

)

132,691

Other operating income

1,274,064

1,359,577

475,127

1,492,268

Interest receivable and similar income

5

-

85,362

475,127

1,577,630

Interest payable and similar expenses

6

361,232

475,591

PROFIT BEFORE TAXATION

7

113,895

1,102,039

Tax on profit

8

23,015

303,758

PROFIT FOR THE FINANCIAL YEAR

90,880

798,281

PROFIT FOR THE YEAR

90,880

798,281

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

90,880

798,281

FIXED ASSETS

Intangible assets

10

67

112

Tangible assets

11

292,483

454,853

292,550

454,965

CURRENT ASSETS

Stocks

12

2,495,497

1,796,581

Debtors

13

35,689,107

17,300,205

Cash and cash equivalents

754,834

790,201

38,939,438

19,886,987

CREDITORS

Amounts falling due within one year

14

33,021,646

14,165,235

NET CURRENT ASSETS

5,917,792

5,721,752

TOTAL ASSETS LESS CURRENT LIABILITIES

6,210,342

6,176,717

CREDITORS

Amounts falling due after more than one year

15

(63,943

)

(80,606

)

PROVISIONS FOR LIABILITIES

19

(73,121

)

(113,713

)

NET ASSETS

6,073,278

5,982,398

CAPITAL AND RESERVES

Called up share capital

20

50,000

50,000

Capital reserve

21

1,981,465

1,981,465

Retained earnings

21

4,041,813

3,950,933

6,073,278

5,982,398

The financial statements were approved by the Board of Directors and authorised for issue on 30th September 2025 and were signed on its behalf by:

J H Bollebakker - Director

Called up

share

Retained

Capital

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st January 2023

50,000

3,152,652

-

3,202,652

Changes in equity

Profit for the year

-

798,281

-

798,281

Total comprehensive income

-

798,281

-

798,281

Transfer of debt to equity -

as restated

-

-

1,981,465

1,981,465

Balance at 31st December 2023

50,000

3,950,933

1,981,465

5,982,398

Changes in equity

Profit for the year

-

90,880

-

90,880

Total comprehensive income

-

90,880

-

90,880

Balance at 31st December 2024

50,000

4,041,813

1,981,465

6,073,278

Cash flows from operating activities

Cash generated from operations

1

6,175,595

(3,776,812

)

Interest paid

(361,232

)

(475,591

)

Tax paid

-

(87,534

)

Net cash from operating activities

5,814,363

(4,339,937

)

Cash flows from investing activities

Purchase of tangible fixed assets

(6,586

)

(48,475

)

Sale of tangible fixed assets

-

(1

)

Interest received

-

85,362

Net cash from investing activities

(6,586

)

36,886

Cash flows from financing activities

Capital repayments in year

(16,663

)

(16,663

)

Capital Reserve

-

1,981,465

Net cash from financing activities

(16,663

)

1,964,802

Increase/(decrease) in cash and cash equivalents

5,791,114

(2,338,249

)

Cash and cash equivalents at beginning of year

2

(5,184,016

)

(2,845,767

)

Cash and cash equivalents at end of year

2

607,098

(5,184,016

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

113,895

1,102,039

Depreciation charges

169,002

170,614

Loss on disposal of fixed assets

-

3,047

Finance costs

361,232

475,591

Finance income

-

(85,362

)

644,129

1,665,929

Increase in stocks

(698,916

)

(834,903

)

Increase in trade and other debtors

(18,383,316

)

(8,346,904

)

Increase in trade and other creditors

24,613,698

3,739,066

Cash generated from operations

6,175,595

(3,776,812

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

754,834

790,201

Bank overdrafts

(147,736

)

(5,974,217

)

607,098

(5,184,016

)

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

790,201

759,951

Bank overdrafts

(5,974,217

)

(3,605,718

)

(5,184,016

)

(2,845,767

)

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash and cash equivalents

790,201

(35,367

)

754,834

Bank overdrafts

(5,974,217

)

5,826,481

(147,736

)

(5,184,016

)

5,791,114

607,098

Debt

Finance leases

(97,269

)

16,663

(80,606

)

(97,269

)

16,663

(80,606

)

Total

(5,281,285

)

5,807,777

526,492

1.	GENERAL INFORMATION

Count Energy Distribution 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 on page 1 of these financial statements.

The Company is a 100% subsidiary of COUNT Energy Distribution B.V. ("the Shareholder") located at Antwerp in Belgium. The Company is part of a group headed by the Shareholder ("the Group").

The purpose of the Company is to carry out all activities related to trading and distribution of chemicals/chemical products.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Significant judgements and estimates

The financial statements include areas of judgement and accounting estimates. While these areas do not meet the definition under FRS 102 of significant accounting estimates under critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to long term uncertainties. The areas of judgements and accounting estimates are:

- Taxation - refer to note 7

- Residual values and useful economic lives of property, plant and equipment - refer to note 11

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods - Turnover from the sale of chemical products are recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the delivery of the goods to the customer.

Rendering of services - When providing day services, turnover is usually recognised on completion of the service and, for monthly engagements, it is recognised by reference to the stage of completion at the balance sheet date.

Interest receivable - Interest income is recognised using the effective interest method.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 25% on cost

Fixtures and fittings - 25% on cost

Motor vehicles - 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value (selling price less selling costs and costs to complete), after making due allowance for any damaged, obsolete and slow moving items. Cost includes all cost of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at 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.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date.

Hire purchase and leasing commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution pension scheme for the benefit of its employees. Contributions are expensed as they become payable.

Financial instruments

Financial assets such as cash and debtors are measured at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation. an equity instrument is any contact that evidences as a residual interest in the assets of the company after deducting all of its liabilities.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Chemical Sales

100,399,611

82,191,563

100,399,611

82,191,563

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

8,662,272

8,580,799

Europe

91,106,514

73,495,696

North America

13,546

90,411

Africa

617,279

24,657

100,399,611

82,191,563

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

919,965

934,219

Social security costs

141,461

128,756

Other pension costs

54,098

33,606

1,115,524

1,096,581

The average number of employees during the year was as follows:

2024

2023

Management and Administration

9

7

Sales

10

9

Logistics and Operations

7

6

26

22

2024

2023

£

£

Directors' remuneration

116,685

251,582

Directors' pension contributions to money purchase schemes

5,980

4,253

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

5.

INTEREST RECEIVABLE AND SIMILAR INCOME

2024

2023

£

£

Other interest

-

85,362