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Registered number: 00422330 ARCH TIMBER PROTECTION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ARCH TIMBER PROTECTION LIMITED COMPANY INFORMATION
Directors | N T Carter
| J P Abbott
| J R Wirtz
Company secretary | N T Carter
Registered number | 00422330
Registered office | Hexagon Tower Crumpsall Vale
| Blackley
| Manchester
| M9 8GQ
Independent auditor | Rödl & Partner Limited
| 170 Edmund Street
| Birmingham
| B3 2HB
ARCH TIMBER PROTECTION LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 6
Independent Auditor's Report | 7 - 11
Profit and Loss Account | 12
Balance Sheet | 13
Statement of Changes in Equity | 14
Notes to the Financial Statements | 15 - 31
ARCH TIMBER PROTECTION LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Business objectives and strategy
The Company's principal activity is that of a manufacturer and seller of timber protection chemicals. The Company commenced trading on 1 July 2024 following the purchase of trade and assets from Hickson Limited. Hickson Chemical Supplies W.A. Limited is a dormant subsidiary.
Principal risks and uncertainties
The Company transacts in a number of major currencies, and management frequently examine exposure and take the appropriate measures to avoid unnecessary risks from exchange rate fluctuations.
Development and performance during the year
Total sales were £33.49m in the year, following the purchase of the trade and assets of Hickson Limited on 1 July 2024. The results for the year represent six months of trading. Our ‘Right First Time’ achievement (i.e. where the goods meet the customer’s specifications and do not need to be returned or changed after delivery) was 99.1% in the six months to 31 December 2024 (not applicable in 2023). At our primary manufacturing location output was c11,242 tonnes for the six months to 31 December 2024 (not applicable in 2023).
Position at year end and prospects
The Company traded profitably following the purchase of assets and trade from Hickson Limited on 1 July 2024, and sales and profitability have increased into 2025. The directors' feel that the Company is well placed to grow current levels of sales from its existing product portfolio, new product initiatives and the development of new markets.
Going concern
The directors’ assessment of the Company’s going concern status is set out in the note 2.2 to the financial statements.
Financial key performance indicators
The directors monitor the following principal key performance indicators:
Health and safety
The Company monitors a number of key ratios in this area, with the primary one being the number of lost-time accidents affecting employees and contractors. During the six months to 31 December 2024 there was one lost time accident at our Huddersfield manufacturing facility. Page 1
ARCH TIMBER PROTECTION LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Section 172 statement
As a board, we have always taken decisions for the long-term and collectively and individually our aim is always to uphold the highest standard of conduct and act fairly. Similarly, we understand that our business can only grow and prosper over the long-term if we understand and respect the views and needs of our customers, colleagues and the communities in which we operate, as well as our suppliers, the environment and the shareholders to whom we are accountable. We ensure that the requirements of section 172 Companies Act 2006 are met and the interests of our stakeholder groups are considered through a combination of the following: ∙An employee engagement survey is completed periodically. ∙The board want to ensure that customers get the best of the products and services offered, and guarantee continual improvement and stability of supply. This means having a robust supply chain, operational capacity and efficiency, committed project managers, and compliance with strict quality and regulatory standards. ∙The Supplier Code of Conduct governs how the board evaluate and set high standards for suppliers. ∙Employees are required to take Code of Conduct training every year which includes an integrity pledge certificate. Additionally, employees have to pass tests in online training courses on anti-bribery, competition law, insider trading and conflicts of interest. All employees explicitly consent to uphold the values expressed in the Code of Conduct. ∙We have made progress towards improving our impact on the environment, as discussed in the Streamlined Energy and Carbon Reporting (SECR) disclosure on page 5. This report was approved by the board and signed on its behalf.
N T Carter Director
Date: 10 November 2025
Page 2
ARCH TIMBER PROTECTION LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024. The principal activities, the performance and developments during the year, the future developments, the principal risks and uncertainties and the key performance indicators are discussed in detail in the strategic report.
Directors
The directors who served during the year were:
N T Carter
J P Abbott (appointed 8 February 2024)
J R Wirtz (appointed 8 February 2024) A W Kelly (resigned 8 February 2024) P J Kitchen (resigned 8 February 2024)
Results and dividends
The profit for the year, after taxation, amounted to £46,807 thousand (2023 - loss £4 thousand). No dividends were declared in the year (2023: £nil). The directors do not recommend payment of a final dividend.
Political contributions
The Company made no political donations or incurred any political expenditure during the year (2023: £nil).
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments 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 to 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 3
ARCH TIMBER PROTECTION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Qualifying indemnity provisions
During the year the Company had in force an indemnity provision in favour of one or more directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006.
Employees
It is company policy to keep employees informed of matters affecting their interests through normal management channels and due consideration is given to their interest when making management decisions. The Company arranges presentations by directors and managers together with briefing groups at which topical information is discussed with employees. The involvement of employees in the company's performance is encouraged through participation in profit related incentive payment schemes. The policy of the Company for the employment of disabled persons is to give them equal opportunities with other employees to train for and attain any position in the Company having regard to the maintenance of a safe working environment and the constraints of their disabilities. Close attention is given to the welfare of employees with particular regard to the requirements of the health and safety legislation. Page 4
ARCH TIMBER PROTECTION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Streamlined Energy and Carbon Reporting (SECR)
This report outlines the Company's greenhouse gas and energy usage for the year ending 31 December 2024 as required by, and in accordance with, the Companies (Directors' report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. Reporting Methodology and Quantification The Company's approach to reporting is based on WBCSD/WRI Greenhouse Gas Protocol: a corporate accounting standard revised edition in conjunction with UK Government environmental reporting guidelines including SECR guidance. An operational control approach has been taken. UK Government greenhouse-gas conversion factors for company reporting 2024 (2023 for the comparative period) have been employed. Scope 2 emissions from purchased electricity have been calculated primarily using the location-based approach. Energy Efficiency Actions The Company is working towards using more efficient LED lighting and upgrading motor control centres to improve their overall energy efficiency. Page 5
ARCH TIMBER PROTECTION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Rödl & Partner Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
N T Carter Director
Date: 10 November 2025
Page 6
ARCH TIMBER PROTECTION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCH TIMBER PROTECTION LIMITED
Opinion
We have audited the financial statements of Arch Timber Protection Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (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 31 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 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 United Kingdom, including the Financial Reporting Council'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. Page 7
ARCH TIMBER PROTECTION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCH TIMBER PROTECTION LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙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. Page 8
ARCH TIMBER PROTECTION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCH TIMBER PROTECTION LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 and those charged with governance around actual and potential litigation and claims; ∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropiateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; ∙Reviewing minutes of meetings of those charges with governance; and ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Page 9
ARCH TIMBER PROTECTION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCH TIMBER PROTECTION LIMITED (CONTINUED) As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express and opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. we remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 10
ARCH TIMBER PROTECTION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCH TIMBER PROTECTION LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Imran Farooq (Senior Statutory Auditor) for and on behalf of Rödl & Partner Limited 170 Edmund Street Birmingham B3 2HB 10 November 2025 Page 11
ARCH TIMBER PROTECTION LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £000 | £000
Turnover | 4 | 33,490 | -
Cost of sales |  | (23,507) | -
Gross profit |  | 9,983 | -
Distribution costs |  | (1,997) | -
Administrative expenses |  | (2,811) | -
Loan forgiveness | 11 | 41,596 | -
Operating profit |  | 46,771 | -
Interest receivable and similar income | 8 | 844 | 199
Interest payable and similar expenses | 9 | (362) | (204)
Profit/(loss) before tax |  | 47,253 | (5)
Tax on profit/(loss) | 10 | (446) | 1
Profit/(loss) for the financial year |  | 46,807 | (4)
There are no items of other comprehensive income for 2024 or 2023 other than the profit/(loss) for the year. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 15 to 31 form part of these financial statements.
Page 12
ARCH TIMBER PROTECTION LIMITED REGISTERED NUMBER: 00422330 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 7,076 |  | -
Investments | 13 |  | 3,372 |  | -
|  |  | 10,448 |  | -
Current assets |  |  |  |  |
Stocks | 14 | 6,943 |  | - |
Debtors: amounts falling due within one year | 15 | 41,513 |  | 2,367 |
Cash at bank and in hand |  | 2,052 |  | - |
|  | 50,508 |  | 2,367 |
Creditors: amounts falling due within one year | 16 | (11,398) |  | (30) |
Net current assets |  |  | 39,110 |  | 2,337
Total assets less current liabilities |  |  | 49,558 |  | 2,337
Creditors: amounts falling due after more than one year | 17 |  | (174) |  | -
|  |  | 49,384 |  | 2,337
Provisions for liabilities |  |  |  |  |
Other provisions | 18 | (240) |  | - |
|  |  | (240) |  | -
Net assets |  |  | 49,144 |  | 2,337
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | - |  | -
Profit and loss account |  |  | 49,144 |  | 2,337
|  |  | 49,144 |  | 2,337
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
N T Carter
Director
Date: 10 November 2025
The notes on pages 15 to 31 form part of these financial statements. Page 13
ARCH TIMBER PROTECTION LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 January 2023 | - | 2,341 | 2,341
Loss for the year | - | (4) | (4)
At 1 January 2024 | - | 2,337 | 2,337
Profit for the year | - | 46,807 | 46,807
At 31 December 2024 | - | 49,144 | 49,144
| The notes on pages 15 to 31 form part of these financial statements.
Page 14
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Arch Timber Protection Limited (the "Company'') is a private company limited by shares, incorporated and domiciled in United Kingdom. The registered office address is at Hexagon Tower Crumpsall Vale, Blackley, Manchester, M9 8GQ. The Company's principal activity and nature of its operations are disclosed in the strategic report. 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 Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment ∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations ∙the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member ∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets. This information is included in the consolidated financial statements of Herens Midco S.à.r.l. as at 31 December 2024 and these financial statements may be obtained from 4, rue Albert Borschette, Luxembourg, L-1246, Luxembourg. The Company has taken advantage of the exemption under Section 401 of the Companies Act 2006 not to prepare consolidated financial statements. The financial statements present information about the Company as an individual entity and not about its group. The following principal accounting policies have been applied consistently for all years presented, unless otherwise stated. Page 15
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern
The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP rounded to the nearest £1,000. Transactions and balances Transactions in foreign currencies are translated to the company's functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historic cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.
| 2.5 | Revenue
Revenue is derived from the principal activity of the company and represents the value of goods supplied plus royalties after deducting commissions, excluding value added tax (see note 4). Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer. Page 16
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Employee benefits
Defined contribution plans A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. Defined benefit plans The Company's employees are members of a group wide defined benefit pension plan which includes other group companies. Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short term cash bonus or profit-sharing plans if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Termination benefits Termination benefits are recognised as an expense when the company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the company has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.
| 2.7 | Leases
At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. Unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. Page 17
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Leases (continued)
Depreciation is provided on the following basis: Plant and machinery - 3 - 4 years The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company's incremental borrowings rate. Lease payments included in the measurement of the lease liability comprise the following: ∙fixed lease payments including in-substance fixed payments; ∙variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement date; ∙the amount expected to be payable by the lessee under residual value guarantees; and ∙penalties for early terminating of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, to the extent that the right-of-use asset is reduced to nil, with any further adjustment required from the remeasurement being recorded in profit or loss. The Company has elected not to recognise right-of-use assets and lease liabilities for lease of low-value assets and short-term leases. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.
| 2.8 | Research and development
Expenditure on research activities is recognised in the profit and loss account as an expense as incurred. Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new of substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowings costs. Other development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses. Page 18
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Government grants
Government grants received on capital expenditure are initially recognised within deferred income on the Company's Balance Sheet and are subsequently recognised in profit or loss on a systematic basis over the useful life of the related capital expenditure. Grants for revenue expenditure are presented as part of the profit or loss in the periods in which the expenditure is recognised.
| 2.10 | Finance costs
Interest receivable and Interest payable and similar charges include interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy). Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gains. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.
| 2.11 | Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.
| 2.12 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 19
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | 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. Land is not depreciated. Depreciation is provided on the following basis:
|  |  |  | Land and buildings | - | 20 years
|  |  |  | Plant and machinery | - | 8 to 10 years
|  |  |  | Fixtures and fittings | - | 3 years
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.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Classification of financial instruments issued by the Company
Following the adoption of IAS 32, financial instruments issued by the company are treated as equity only to the extent that they meet the following two conditions: a.they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and b.where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments. To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares. Page 20
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | Non-derivative financial instruments
Non-derivative financial instruments comprise trade and other debtors, trade and other creditors, cash and cash equivalents and interest-bearing borrowings. Trade and other debtors Trade and other debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. Trade and other creditors Trade and other creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. Investments in subsidiaries Investments in subsidiaries are carried at cost less impairment. Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose only of the cash flow statement. Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. Page 21
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Impairment excluding stocks and deferred tax assets
Financial assets (including trade and other debtors) A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. An impairment loss in respect of a financial asset measured at mortised cost is calculated as the difference between is carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Non-financial assets The carrying amounts of the Company's non-financial assets, other than stocks and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit"). An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
| 2.18 | Provisions for liabilities
A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. Increases in provisions are generally charged as an expense to profit or loss. Page 22
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.19 | Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 101 requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. Management have not identified any critical judgements or estimates in applying the Company's accounting policies.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Sale of goods | 33,490 | -
5. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 35 | 2
| The Company has entered into a limitation agreement with its auditors which was approved on 8th January 2025. The principal terms of the agreement are fair and reasonable.
Page 23
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Wages and salaries | 2,144 | 2
| Social security costs | 249 | -
| Cost of defined contribution scheme | 144 | -
|  | 2,537 | 2
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Administrative | 8 | -
|  | Selling and distribution | 9 | -
|  | Production | 16 | -
|  | Research and technical | 5 | -
|  |  | 38 | 0
7. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Directors' emoluments | 223 | 2
| During the year retirement benefits were accruing to 2 directors (2023 - 3) in respect of defined benefit pension schemes. The defined benefit scheme is closed to further accruals.
| The highest paid director received remuneration of £136,000 (2023 - £2,000).
| The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).
| The directors working within the Company also work in other companies within the Group and are remunerated by other fellow group companies. The amount disclosed is based on an allocation of costs determined based on services rendered by the directors in respect of this Company.
Page 24
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Interest receivable from group companies | 630 | 76
| Bank interest | 2 | -
| Foreign exchange gains | 212 | 123
|  | 844 | 199
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Interest payable to group companies | 3 | -
| Foreign exchange losses | 359 | 204
|  | 362 | 204
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 446 | (1)
|  | 446 | (1)
| Total current tax | 446 | (1)
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on profit/(loss) | 446 | (1)
Page 25
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Profit/(loss) on ordinary activities before tax | 47,253 | (5)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%) | 11,813 | (1)
| Effects of: |  |
| Fixed asset differences | (1,075) | -
| Income not taxable for tax purposes | (10,496) | -
| Amounts credited directly to STRGL | 95 | -
| Other tax adjustments, reliefs and transfers | (11,002) | -
| R&D expenditure credits | 4 | -
| RDEC group relief | 70 | -
| Movement in deferred tax not recognised | 11,131 | -
| Transfer pricing adjustments | (94) | -
| Total tax charge for the year | 446 | (1)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Exceptional items
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Loan forgiven from group company | 41,596 | -
|  | 41,596 | -
Page 26
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Tangible fixed assets
|  | Land and buildings | Plant and machinery | Fixtures and fittings | Total
|  | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |
| Additions | 822 | 6,646 | - | 7,468
| Transfers between classes | - | (57) | 57 | -
| At 31 December 2024 | 822 | 6,589 | 57 | 7,468
| Depreciation |  |  |  |
| Charge for the year on owned assets | 20 | 289 | 1 | 310
| Charge for the year on right-of-use assets | - | 82 | - | 82
| At 31 December 2024 | 20 | 371 | 1 | 392
| Net book value |  |  |  |
| At 31 December 2024 | 802 | 6,218 | 56 | 7,076
| At 31 December 2023 | - | - | - | -
| The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:
|  | 2024
|  | £000
| Tangible fixed assets owned | 6,803
| Right-of-use tangible fixed assets | 273
|  | 7,076
| Information about right-of-use assets is summarised below:
| Net book value
|  |  |  | 2024 | 2023
|  |  |  | £000 | £000
| Plant and machinery | 273 | -
|  | 273 | -
Page 27
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12.Tangible fixed assets (continued)
| Depreciation charge for the year ended
|  |  |  | 2024 | 2023
|  |  |  | £000 | £000
| Plant and machinery | 82 | -
|  | 82 | -
| Additions to right-of-use assets
|  | 2024
|  | £000
| Additions to right-of-use assets | 355
13. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| Additions | 3,372
| At 31 December 2024 | 3,372
Page 28
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Country of incorporation | Class of shares | Ownership
| Hickson W.A. Chemicals Limited | United Kingdom | Ordinary | 100%
| Inversiones Chile Hickson S.A | Chile | Ordinary | 99.9%
14. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Raw materials and consumables | 3,117 | -
| Work in progress and finished goods | 3,826 | -
|  | 6,943 | -
15. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Trade debtors | 8,927 | -
| Amounts owed by group undertakings | 31,921 | 2,367
| Prepayments and accrued income | 620 | -
| Tax debtor | 45 | -
|  | 41,513 | 2,367
Page 29
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Trade creditors | 2,196 | -
| Amounts owed to group undertakings | 3,371 | 30
| Other taxation and social security | 659 | -
| Lease liabilities | 95 | -
| Other creditors | 265 | -
| Accruals and deferred income | 4,812 | -
|  | 11,398 | 30
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Lease liabilities | 174 | -
18. | Provisions
|  | Employment provisions
|  | £000
| Charged to profit or loss | 512
| Released in year | (272)
| At 31 December 2024 | 240
| These liabilities relate to legacy employment issues.
19. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 1 (2023 - 1) Ordinary share of £1 | - | -
| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
Page 30
ARCH TIMBER PROTECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. | Pension commitments
The Company participates in a funded defined benefit pension scheme. The assets of the schemes are held under trust and are managed by outside investment managers. During the year, Company contributions were submitted to the Group Pension Scheme of £nil (2023: £nil). The immediate parent undertaking, Hickson International Limited is the sponsor of the Hickson pension scheme, and as such, the pension liability is accounted for within those accounts, under FRS 101.
21. | Controlling party
The Company's immediate parent undertaking is Hickson International Limited which is registered in United Kingdom. Copies of its financial statements are available from Hexagon Tower Crumpsall Vale, Blackley, Manchester, M9 8GQ. The smallest and largest group to consolidate the company's financial statements is Herens Midco S.à.r.l.. Copies of Herens Midco S.à.r.l.'s consolidated financial statements can be obtained from 4, rue Albert Borschette, Luxembourg, L-1246, Luxembourg. At the reporting date, the ultimate parent undertakings are Bain Capital Private Equity LP and Cinven Capital Management Limited, which are both incorporated in Luxembourg and have their principal office in Luxembourg.
Page 31