IRIS Accounts Production v25.4.0.155 05436576 Board of Directors 1.4.24 31.3.25 31.3.25 Medium entities true true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. A Ordinary - G Ordinary 10.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 05436576 2024-03-31 05436576 2025-03-31 05436576 2024-04-01 2025-03-31 05436576 2023-03-31 05436576 2023-04-01 2024-03-31 05436576 2024-03-31 05436576 ns15:EnglandWales 2024-04-01 2025-03-31 05436576 ns14:PoundSterling 2024-04-01 2025-03-31 05436576 ns10:Director1 2024-04-01 2025-03-31 05436576 ns10:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 05436576 ns10:MediumEntities 2024-04-01 2025-03-31 05436576 ns10:Audited 2024-04-01 2025-03-31 05436576 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-04-01 2025-03-31 05436576 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2025-03-31 05436576 ns10:FullAccounts 2024-04-01 2025-03-31 05436576 1 2024-04-01 2025-03-31 05436576 ns10:OrdinaryShareClass1 2024-04-01 2025-03-31 05436576 ns10:Director2 2024-04-01 2025-03-31 05436576 ns10:Director3 2024-04-01 2025-03-31 05436576 ns10:Director4 2024-04-01 2025-03-31 05436576 ns10:Director5 2024-04-01 2025-03-31 05436576 ns10:RegisteredOffice 2024-04-01 2025-03-31 05436576 ns5:CurrentFinancialInstruments 2025-03-31 05436576 ns5:CurrentFinancialInstruments 2024-03-31 05436576 ns5:ShareCapital 2025-03-31 05436576 ns5:ShareCapital 2024-03-31 05436576 ns5:SharePremium 2025-03-31 05436576 ns5:SharePremium 2024-03-31 05436576 ns5:RetainedEarningsAccumulatedLosses 2025-03-31 05436576 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 05436576 ns5:ShareCapital 2023-03-31 05436576 ns5:RetainedEarningsAccumulatedLosses 2023-03-31 05436576 ns5:SharePremium 2023-03-31 05436576 ns5:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 05436576 ns5:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 05436576 ns5:ComputerSoftware 2024-04-01 2025-03-31 05436576 ns5:PlantMachinery 2024-04-01 2025-03-31 05436576 ns5:FurnitureFittings 2024-04-01 2025-03-31 05436576 ns5:ComputerEquipment 2024-04-01 2025-03-31 05436576 ns15:UnitedKingdom 2023-04-01 2024-03-31 05436576 ns15:Europe 2023-04-01 2024-03-31 05436576 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2023-04-01 2024-03-31 05436576 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-04-01 2025-03-31 05436576 ns5:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-04-01 2024-03-31 05436576 ns5:OwnedAssets 2024-04-01 2025-03-31 05436576 ns5:OwnedAssets 2023-04-01 2024-03-31 05436576 ns5:ComputerSoftware 2023-04-01 2024-03-31 05436576 13 2024-04-01 2025-03-31 05436576 13 2023-04-01 2024-03-31 05436576 2 2024-04-01 2025-03-31 05436576 2 2023-04-01 2024-03-31 05436576 ns10:OrdinaryShareClass1 2023-04-01 2024-03-31 05436576 ns5:ComputerSoftware 2024-03-31 05436576 ns5:ComputerSoftware 2025-03-31 05436576 ns5:ComputerSoftware 2024-03-31 05436576 ns5:PlantMachinery 2024-03-31 05436576 ns5:FurnitureFittings 2024-03-31 05436576 ns5:ComputerEquipment 2024-03-31 05436576 ns5:PlantMachinery 2025-03-31 05436576 ns5:FurnitureFittings 2025-03-31 05436576 ns5:ComputerEquipment 2025-03-31 05436576 ns5:PlantMachinery 2024-03-31 05436576 ns5:FurnitureFittings 2024-03-31 05436576 ns5:ComputerEquipment 2024-03-31 05436576 ns5:AdditionsToInvestments ns5:UnlistedNon-exchangeTraded 2025-03-31 05436576 ns5:UnlistedNon-exchangeTraded ns5:CostValuation 2025-03-31 05436576 ns5:UnlistedNon-exchangeTraded 2025-03-31 05436576 ns5:Subsidiary1 2024-04-01 2025-03-31 05436576 1 ns5:Subsidiary1 2024-04-01 2025-03-31 05436576 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 05436576 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 05436576 ns5:WithinOneYear 2025-03-31 05436576 ns5:WithinOneYear 2024-03-31 05436576 ns5:BetweenOneFiveYears 2025-03-31 05436576 ns5:BetweenOneFiveYears 2024-03-31 05436576 ns5:MoreThanFiveYears 2025-03-31 05436576 ns5:MoreThanFiveYears 2024-03-31 05436576 ns5:AllPeriods 2025-03-31 05436576 ns5:AllPeriods 2024-03-31 05436576 ns5:DeferredTaxation 2024-03-31 05436576 ns5:DeferredTaxation 2024-04-01 2025-03-31 05436576 ns5:DeferredTaxation 2025-03-31 05436576 ns10:OrdinaryShareClass1 2025-03-31 05436576 ns5:RetainedEarningsAccumulatedLosses 2024-03-31 05436576 ns5:SharePremium 2024-03-31

REGISTERED NUMBER: 05436576 (England and Wales)

| PENN-WHITE LIMITED |

| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 10 |

Other Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 13 |

Notes to the Financial Statements | 14 |

PENN-WHITE LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | M Ravi

| C M Bowry

| T Tasche

| D M Chardon

| H P M Chardon

| REGISTERED OFFICE: | Unit 6, Aston Way

| Midpoint 18 Business Park

| Middlewich

| Cheshire

| CW10 0HS

| REGISTERED NUMBER: | 05436576 (England and Wales)

| AUDITORS: | Clarke Nicklin LLP

| Chartered Accountants and

| Statutory Auditors

| Clarke Nicklin House

| Brooks Drive

| Cheadle Royal Business Park

| Cheadle

| Cheshire

| SK8 3TD

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The company experienced increases in both revenue and profit before taxation driven by underlying international volume growth compared to prior year despite global economic uncertainty. It is a testament to our established workforce and newly recruited management team that the business continues to thrive and grow. Despite the global economy and conflicts in Ukraine and the Middle East, sales pricing has been competitive whilst reduced raw material prices have been reflected in higher margins in the period.

India is a key part of our international growth plans, and PennWhite India Private Limited ("PWI") has secured premises to start a manufacturing facility and we are in the process of installing capital equipment on site. We have made significant progress with our channel partners in the territory and made traction with potential clients. We envisage PWI to be operational in Autumn 2025 which will allow the supply of finished goods to be serviced from both our Middlewich site and PWI's site in Chennai.

The Board is assured that despite the current economic factors, strong demand and revenue levels will continue and that future growth can be achieved with continued improvements in market share and in the range of products being developed and offered.

To maintain its product range and competitiveness, substantial investment continues to be made in research and development each year and this continues to remain a priority for the company and its plans. The Board of directors are pleased with the performance in the year.

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a global environment, where the impact and uncertainty surrounding conflicts in the Middle East and Ukraine and currency fluctuations creates potential risks and uncertainties for the future. We are yet to understand the impact of US tariffs on both our supply chain and sales to the territory.

Raw material supply can be challenging, and the company regularly reviews and enhances its stock levels. Risks associated with raw material supplies are mitigated by continuing to develop alternative products for current raw material usage and ensuring that the company has multiple suppliers for key raw materials. Foreign currency exchange is regularly reviewed and monitored.

Due to the nature of the company's activities and the expansive customer base, the loss of a significant customer is not considered a major key risk. However, it is the strategy of the directors to maintain strong relationships with, and provide high levels of service to, their customers to help reduce any possible exposure.

The continued war in Ukraine and the current conflict in the Middle East has had limited impact on the financial performance of the business as most customers, operating in key industries globally, have traded throughout the period. Demand for the company's products remains very strong with substantial order books in place going forward into the next financial year.

The company is well established, and its core foundations allow it to react quickly to risks and uncertainties. Furthermore, the strength of its liquidity and resources would allow it to counter any such risks.

Operating in a fast-changing world market is managed by operating in several key industry sectors worldwide such as food and beverage, wastewater, and recycling. These sectors will always have a demand for the company's products and across a wide geographic area. The company remains flexible to such needs and requirements to enable it to respond quickly where possible.

ON BEHALF OF THE BOARD:

T Tasche - Director

7 May 2025

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the trading of silicone based products and chemicals.

DIVIDENDS

Interim dividends in the year totalled £385,000 (2024: £2,500,000).

The directors are recommending no final dividends be paid (2024: £nil).

DIRECTORS

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

M Ravi

C M Bowry

T Tasche

D M Chardon

Other changes in directors holding office are as follows:

H P M Chardon - appointed 28 January 2025

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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 each director ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

AUDITORS

The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T Tasche - Director

7 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENN-WHITE LIMITED

Opinion

We have audited the financial statements of Penn-White Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable 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 31 March 2025 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENN-WHITE LIMITED

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 four, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENN-WHITE LIMITED

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures to identify risks:

- |  | enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |

- |  | discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas: timing of recognition of sales and purchases and their related stock movements, posting of unusual journals; and |

- |  | obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation. |

The procedures to respond to risks identified included:

- |  | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; |

- |  | enquiring of management, concerning actual and potential litigation and claims; |

- |  | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |

- |  | reviewing correspondence with HMRC; |

- |  | testing the timing and matching of income and expense transactions relating to stock movements either side of the year end; and |

- |  | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PENN-WHITE LIMITED

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.

Graham Travis FCA (Senior Statutory Auditor)

for and on behalf of Clarke Nicklin LLP

Chartered Accountants and

Statutory Auditors

Clarke Nicklin House

Brooks Drive

Cheadle Royal Business Park

Cheadle

Cheshire

SK8 3TD

7 May 2025

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 13,859,573 |  | 13,678,884 |  |

Cost of sales | 7,517,542 |  | 7,478,915 |  |

GROSS PROFIT | 6,342,031 |  | 6,199,969 |  |

Distribution costs | 587,131 |  | 493,045 |  |

Administrative expenses | 2,705,602 |  | 2,785,744 |  |

|  |  | 3,292,733 |  |  |  |  | 3,278,789 |  |

3,049,298 |  | 2,921,180 |  |

Other operating income | - |  | 714 |  |

OPERATING PROFIT | 5 | 3,049,298 |  | 2,921,894 |  |

Interest receivable and similar income | 65,561 |  | 31,456 |  |

3,114,859 |  | 2,953,350 |  |

Interest payable and similar expenses | 6 | 13,313 |  | 43,415 |  |

PROFIT BEFORE TAXATION | 3,101,546 |  | 2,909,935 |  |

Tax on profit | 7 | 802,400 |  | 773,374 |  |

PROFIT FOR THE FINANCIAL YEAR | 2,299,146 |  | 2,136,561 |  |

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,299,146 |  | 2,136,561 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,299,146 |  | 2,136,561 |  |

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 1 |  | 1 |  |

Tangible assets | 10 | 178,514 |  | 98,197 |  |

Investments | 11 | 654,463 |  | - |  |

832,978 |  | 98,198 |  |

CURRENT ASSETS

Stocks | 12 | 1,501,178 |  | 1,282,855 |  |

Debtors | 13 | 4,120,000 |  | 4,403,486 |  |

Cash at bank | 2,830,092 |  | 1,862,556 |  |

8,451,270 |  | 7,548,897 |  |

CREDITORS

Amounts falling due within one year | 14 | 1,424,994 |  | 1,709,928 |  |

NET CURRENT ASSETS | 7,026,276 |  | 5,838,969 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,859,254 |  | 5,937,167 |  |

PROVISIONS FOR LIABILITIES | 16 | 7,941 |  | - |  |

NET ASSETS | 7,851,313 |  | 5,937,167 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 136 |  | 136 |  |

Share premium | 18 | 46,226 |  | 46,226 |  |

Retained earnings | 18 | 7,804,951 |  | 5,890,805 |  |

SHAREHOLDERS' FUNDS | 7,851,313 |  | 5,937,167 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2025 and were signed on its behalf by:

T Tasche - Director

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 136 |  | 6,254,244 |  | 46,226 |  | 6,300,606 |  |

Changes in equity

Dividends | - |  | (2,500,000 | ) | - |  | (2,500,000 | ) |

Total comprehensive income | - |  | 2,136,561 |  | - |  | 2,136,561 |  |

Balance at 31 March 2024 | 136 |  | 5,890,805 |  | 46,226 |  | 5,937,167 |  |

Changes in equity

Dividends | - |  | (385,000 | ) | - |  | (385,000 | ) |

Total comprehensive income | - |  | 2,299,146 |  | - |  | 2,299,146 |  |

Balance at 31 March 2025 | 136 |  | 7,804,951 |  | 46,226 |  | 7,851,313 |  |

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Penn-White Limited ("the Company") is a limited company incorporated in the United Kingdom. The address of its registered office and principal place of business is Unit 6, Aston Way, Midpoint 18 Business Park, Middlewich, Cheshire, CW10 0HS.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| The financial statements are presented in Sterling (£).

| Going concern

| The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows.

| Preparation of consolidated financial statements

| The financial statements contain information about Penn White Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Manali Petrochemicals Limited, incorporated in India.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions within a wholly owned group.

| Significant judgements and estimates

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The following judgements have had the most significant effect on amounts recognised in the financial statements;

| Depreciation - The useful life of fixed assets can vary significantly. Estimates are based on historic experience and current expectations of useful life. The size of prior year gains and losses on disposal are also factored in to estimates.

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents net invoiced sales of goods, excluding value added tax. Sales are recognised on the date of despatch to the customer.

| Computer software

| Computer software relates to development expenditure on an IT and accounting system. It is recognised as an intangible asset when the company can demonstrate:

| - The technical feasibility of completing the intangible asset so that it will be available for use or sale

| - Its intention to complete and its ability to use or sell the asset

| - How the asset will generate future economic benefits

| - The availability of resources to complete the asset

| - The ability to measure reliably the expenditure during development

| Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over its useful life of three years.

| Tangible fixed assets

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

| Plant and machinery | - | Straight line between 6 and 10 years

| Fixtures and fittings | - | Straight line over 6 years

| Computer equipment | - | Straight line over 4 years

| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the Income Statement.

| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised immediately in the Income Statement.

| Fixed asset investments

| Fixed asset investments in subsidiaries are initially recognised at cost and are reviewed annually for impairment through the Income Statement, based on expected future revenues and profits. The financial statements of subsidiaries are consolidated into the financial statements of Menali Petrochemicals Ltd India.

| 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 balance sheet date.

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred, except where the development element qualifies as an intangible asset, in which case it is capitalised.

| Foreign currencies

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

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

| Invoice discounting

| The company uses an invoice discounting facility and has adopted separate presentation whereby gross debts are included as an asset and the amount due to the finance company is included within other creditors. The interest and charges are recognised as they accrue and are included in the Income Statement.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Creditors

| Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. | TURNOVER

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

| An analysis of turnover by geographical market for the year ended 31 March 2024 is given below:

£ |

| United Kingdom | 8,252,723 |  |

| Europe | 3,658,175 |  |

| Rest of the world | 1,767,986 |  |

13,678,884 |  |

| This analysis is not considered to be applicable to the year ended 31 March 2025.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,235,013 |  | 1,372,761 |  |

| Social security costs | 363,603 |  | 196,898 |  |

| Other pension costs | 161,818 |  | 104,647 |  |

1,760,434 |  | 1,674,306 |  |

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

| 2025 |  | 2024

| Directors | 2 |  | 2 |  |

| Administration | 14 |  | 14 |  |

| Warehouse | 11 |  | 13 |  |

27 |  | 29 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 174,335 |  | 204,000 |  |

| Directors' pension contributions to money purchase schemes | 43,945 |  | 4,667 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 48,150 |  | 44,185 |  |

| Other operating leases | 271,325 |  | 257,538 |  |

| Depreciation - owned assets | 45,884 |  | 43,448 |  |

| Computer software amortisation | - |  | 2,213 |  |

| Auditors' remuneration - audit | 22,750 |  | 21,820 |  |

| Auditors' remuneration for non audit work | 15,941 |  | - |  |

| Foreign exchange differences | 23,837 |  | 23,802 |  |

| Asset not recoverable written off | - |  | 208,734 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | - |  | 23 |  |

| Invoice discounting interest | 13,313 |  | 15,109 |  |

| Other interest | - |  | 28,283 |  |

13,313 |  | 43,415 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 754,942 |  | 773,459 |  |

| Prior year under/(overprovision) | 25,037 |  | - |  |

| Total current tax | 779,979 |  | 773,459 |  |

| Deferred tax | 22,421 |  | (85 | ) |

| Tax on profit | 802,400 |  | 773,374 |  |

| UK corporation tax was charged at 25%) in 2024.

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

7. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 3,101,546 |  | 2,909,935 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 775,387 |  | 727,484 |  |

| Effects of:

| Expenses not deductible for tax purposes | 13,447 |  | 52,707 |  |

| Capital allowances in excess of depreciation | (11,471 | ) | (558 | ) |

| Adjustments to tax charge in respect of previous periods | 25,037 |  | - |  |

| RDEC tax credit | - |  | (6,259 | ) |

| Total tax charge | 802,400 |  | 773,374 |  |

8. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| A Ordinary - G Ordinary shares of 10p each

| Interim | 385,000 |  | 2,500,000 |  |

9. | INTANGIBLE FIXED ASSETS

| Computer

| software

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 83,611 |  |

| AMORTISATION

| At 1 April 2024

| and 31 March 2025 | 83,610 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1 |  |

| At 31 March 2024 | 1 |  |

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Computer |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 1,129,261 |  | 110,604 |  | 78,676 |  | 1,318,541 |  |

| Additions | 107,915 |  | 14,837 |  | 3,449 |  | 126,201 |  |

| At 31 March 2025 | 1,237,176 |  | 125,441 |  | 82,125 |  | 1,444,742 |  |

| DEPRECIATION

| At 1 April 2024 | 1,058,063 |  | 91,618 |  | 70,663 |  | 1,220,344 |  |

| Charge for year | 36,407 |  | 6,372 |  | 3,105 |  | 45,884 |  |

| At 31 March 2025 | 1,094,470 |  | 97,990 |  | 73,768 |  | 1,266,228 |  |

| NET BOOK VALUE

| At 31 March 2025 | 142,706 |  | 27,451 |  | 8,357 |  | 178,514 |  |

| At 31 March 2024 | 71,198 |  | 18,986 |  | 8,013 |  | 98,197 |  |

11. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

£ |

| COST

| Additions | 654,463 |  |

| At 31 March 2025 | 654,463 |  |

| NET BOOK VALUE

| At 31 March 2025 | 654,463 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| PennWhite India Private Limited

| Registered office: SPIC House, No.88 Mount Road, Guindy, Chennai - 600 032, India

| Nature of business: Trading

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

12. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials | 1,181,899 |  | 970,194 |  |

| Finished goods | 319,279 |  | 312,661 |  |

1,501,178 |  | 1,282,855 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 2,731,839 |  | 2,632,419 |  |

| Other debtors | 1,195,830 |  | 1,586,461 |  |

| VAT | 23,359 |  | 8,389 |  |

| Deferred tax asset | - |  | 14,480 |  |

| Prepayments and accrued income | 168,972 |  | 161,737 |  |

4,120,000 |  | 4,403,486 |  |

| Trade debtors are stated after provisions for impairment of £6,608 (2024: £783).

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 745,621 |  | 754,250 |  |

| Corporation tax | 361,826 |  | 748,421 |  |

| Social security and other taxes | 35,616 |  | 33,581 |  |

| Other creditors | 40,159 |  | - |  |

| Accruals and deferred income | 241,772 |  | 173,676 |  |

1,424,994 |  | 1,709,928 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 279,943 |  | 292,247 |  |

| Between one and five years | 771,834 |  | 1,051,777 |  |

| In more than five years | - |  | 200,000 |  |

1,051,777 |  | 1,544,024 |  |

16. | PROVISIONS FOR LIABILITIES

2025 |  |

£ |  |

| Deferred tax | 7,941 |  |

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

16. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | (14,480 | ) |

| Charge to Income Statement during year | 22,421 |  |

| Balance at 31 March 2025 | 7,941 |  |

| The provision for deferred taxation is made up as follows

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Accelerated capital allowances |  | 7,943 |  |  | (14,480 | ) |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,360 | A Ordinary - G Ordinary | 10p | 136 |  | 136 |  |

| On 3 April 2025, 230,000 Ordinary shares were issued at a nominal value of £1 per share for a cash consideration of £230,000.

18. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 April 2024 | 5,890,805 |  | 46,226 |  | 5,937,031 |  |

| Profit for the year | 2,299,146 |  | 2,299,146 |  |

| Dividends | (385,000 | ) | (385,000 | ) |

| At 31 March 2025 | 7,804,951 |  | 46,226 |  | 7,851,177 |  |

19. | ULTIMATE CONTROLLING PARTY

| The parent undertaking of the largest group for which consolidated accounts are prepared is Manali Petrochemicals Limited, incorporated in India. Consolidated accounts are available from the registered office: Spic House, 88 Mount Road, Guindy, Chennai, India, 600 032.

| In the opinion of the directors, there is no ultimate controlling party.