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

Overview

During the year ended 2025 the company progressed the planned transfer and cessation of its manufacturing operations, a decision first reported in 2023. Production was stopped in October 2025 and the operating site was sold for £2.1m. The company traded for part of the year while the transfer of business activities was completed.

Financial performance

Turnover for the year was £24,045k, representing a significant reduction compared with the prior year. This decrease reflects the planned transfer of business operations and the cessation of production in October 2025.

Profit on ordinary activities before tax for the year was approximately £254k. The result reflects the substantially reduced level of trading activity in the year and the finalisation of the transfer of operations.

Assets, liabilities and liquidity

Following the sale of the site and the cessation of production, the company has no fixed assets or inventories at the year end. The directors consider the company’s liquidity position to be adequate. All financial obligations will be met as they fall due and the directors expect all remaining trade debtors to be collected in full.

Restructuring and cessation of operations

The actions taken in 2025 are consistent with the plan communicated in earlier periods to transfer the company’s business operations to other group companies. With production having ceased and the site disposed of, the company’s activities are now limited to the orderly run-off of remaining balances.

Going concern and basis of preparation

The directors have prepared the financial statements on a basis other than going concern, reflecting the completed cessation of production and the planned conclusion of the company’s trading activities. Notwithstanding this, the directors are satisfied that the company will meet all its financial obligations and that sufficient resources are available to realise assets and settle liabilities in the normal course of business.

The company's financial instruments, cash and liquid resources, balances with group undertakings and various items such as trade debtors, trade creditors etc., arise directly from its operations. It is the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company's financial instruments are interest rate risk, liquidity risk and foreign currency risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in a financial loss to the company.

Management has a credit policy in place and the exposure to credit risk is monitored on an on-going basis. Counterparty risk related to financial institutions is centrally managed by the Givaudan treasury function. Trade receivables are subject to a policy of active risk management which focuses on the assessment of country risk, credit limits, on-going credit evaluation and account monitoring procedures.

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company finances its operations through a mixture of retained profits and balances with group undertakings.

Foreign currency risk
The company undertakes transactions denominated in foreign currencies, consequently exposures to exchange

rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts entered with the group treasury. The group enters into forward foreign exchange contracts to cover specific foreign currency payments and receipts. These contracts are advised to the company by Givaudan Finance SA, who manage the forward foreign exchange contracts for all group companies.

Employees

The company’s ambition is to ensure that it is a place where everyone feels welcome, valued and inspired.  Protecting the environment, safeguarding our employees’ health and ensuring the safety of all who work at Ungerer are key values in our company. 

The company also implemented various measures and protocols to help employees balance work with home responsibilities.

The company places considerable value on the involvement of its employees and continues to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company.

The following policy has been applied in respect of the employment of disabled persons, as defined by the Disabled Persons (Employment) Act 1944:

The company recognises its responsibility to employ disabled persons in suitable employment, and gives full and fair consideration to applications for employment made by such persons, having regard to their particular aptitudes and abilities.

Section 172 of the Companies Act 2006 requires Directors to consider the interests of stakeholders in their decisionmaking.

This statement outlines how the Directors adhere to the matters set out in Section 172 while fulfilling their roles.

Our responsibilities extend to our shareholders, customers, suppliers, and the environment. We engage with our stakeholders in various ways, including:

Suppliers

Our suppliers are fundamental to the long term supply quality of our products and to ensuring that as a business we meet the high standards of conduct that we set ourselves. Through group led initiates, our parent company Givaudan SA seeks strategic partnerships with suppliers, so that they become in effect an extension of our business.  Currently 50% of the group's projects leverage this sort of external collaboration.

The company’s supplier payment policy concerning the majority of its trade creditors is to follow the Confederation of British Industry’s (CBI) prompt payer’s code, copies of which are available from the CBI, Centre Point, 103 New Oxford Street, London, WC2A 1DU. 

Our customers are at the heart of everything we do at the company and the group. There is a strong need to build long lasting relationships with our customers to enable us to thrive and to maintain a competitive advantage in a changing world. As part of Givaudan's wider group, we saw an increase in consumers seeking natural, organic and cleaner products and the need to take bolder actions on the climate crisis. This led Givaudan to create a new purpose ‘Creating for happier, healthier lives with love for nature’. At the core of our business is the relationship with our customers.

The Community and Environment

Our business affects the communities in which we operate. Measures are taken to operate safely and sustainably with our neighbouring communities, while also ensuring that we generate economic, social and environmental opportunities for truly mutual beneficial relationships. For example recruiting from local communities, generating opportunities through local purchasing and employing the latest technologies to manage our environmental impact on our community’s air, water, noise and odour aspects.

The interests of all stakeholders are prioritised through proactive engagement and transparency, to foster trust and create shared values.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of the manufacture and distribution of essential oils, aroma chemicals and flavourings.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £nil (2024: £nil) The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover, the recommended ratio for the sector.

The site was closed and sold during 2025 but the company made every effort to reduce energy use by mothballing areas of the factory as and when they became redundant, eg by turning off heating and lighting in those areas.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Ungerer Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 December 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to note 1.2 of the financial statements, which explains that the directors have ceased trading operations and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

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.

As explained more fully in the directors' responsibilities statement, 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.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  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.

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.

Ungerer Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kennington Road, Willesborough, Ashford, Kent, England, TN24 0LT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the company's accounting policies.

The following principal accounting policies have been applied:

During the year ended 31 December 2023 the parent company Givaudan SA announced their plan to transfer business operations to fellow group companies over the following two years. The company ceased its trading operations in December 2025 and the directors have accordingly prepared the financial statements on a basis other than going concern. true

The financial statements include provision for related restructuring costs totalling £262k. The directors consider that no adjustment is necessary to the carrying value of the remaining assets as these are not considered to be impaired. All assets and liabilities are shown as due within one year and so no adjustment need be made.

Turnover comprises of revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised on delivery subject to the shipment terms.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

The Group policy is for all Intellectual Property to be held by the parent undertaking.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. 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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Freehold land is not depreciated.

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 duty and freight charges.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and a group cash treasury pooling arrangement.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

The company also operates a defined benefit pension scheme and the pension charge is based on an FRS102 valuation dated 31 December 2025.

During the year ended 31 October 2005, the company closed its defined benefit pension scheme to future members. The scheme funds are administered by trustees and are independent of the company's finances. The scheme is fully funded and contributions are paid to the scheme in accordance with the recommendations of independent actuaries.

In accordance with FRS 102, the service cost of the pension provision relating to the period, together with the costs of any benefits relating to past service, is charged to the Statement of Comprehensive Income. A charge equal to the increase in present value of the scheme liabilities and a credit equivalent to the company's long-term expected return on assets (based on the market value of the scheme assets at the start of the period) are included in the profit and loss account.

The difference between the market value of the assets of the scheme and the present value of the accrued pension liabilities is shown as an asset or liability in the balance sheet. Deferred tax assets on the pension liability are recognised to the extent that they are considered recoverable. Any difference between the expected return on assets and that actually achieved is recognised in the statement of total recognised gains and losses, along with differences which are from experience gains and losses and changes in assumptions.

The utilisation of the scheme net assets is not at the discretion of the company and therefore the financial statements do not recognise this asset.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions.

At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated using the exchange rate at the reporting period end date. Non-monetary assets and liabilities measured at historic cost are translated using the exchange rate at the date of the transaction, while non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Gains and losses arising on translation are included in the profit and loss account for the period.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors have prepared the financial statements on a basis other than a going concern basis. In their view the decision to transfer operations and cease business in a phased way means that despite the company being able to trade profitably for the foreseeable time the going concern basis is no longer appropriate. The directors have accordingly made provision for restructuring costs.

This provision incorporates estimates of the cost of transferring the operations of the business to fellow group companies comprising expected redundancy costs, incentive payments, and other costs associated with the closure of the company.

The cost of defined benefit pension plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to uncertainty. In determining the appropriate discount rate, management considers the interest rates of corporate bonds in the respective currency with at least AA rating, with extrapolated maturities corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on publicly available mortality tables and future salary increases and pension increases are based on expected future inflation rates. The company are of the view that they are unable to recognise a plan surplus and so the net pension scheme asset has not been recognised.

Exceptional items represent the additional restructuring costs of £100k (2024: £496k) involving the transfer of business operations of Ungerer Limited, which includes redundancy costs incurred.

An analysis of the company's turnover is as follows:

The whole of the turnover is attributable to the principal activity of the company.

The average monthly number of employees, including the directors, during the year was as follows:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

The balance above is shown net of a provision of £nil (2024: £914k) against the gross value of stocks held.

The restructuring provision represents the costs of the planned transfer of business operations of Ungerer Limited. The provision is expected to be released in line with the phased ceasing of operations.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Assumed life expectations on retirement at age 65:

Amounts recognised in the profit and loss account

Amounts taken to other comprehensive income

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

Movements in the present value of defined benefit obligations

The defined benefit obligations arise from plans which are wholly or partly funded.

Movements in the fair value of plan assets

Fair value of plan assets at the reporting period end

The company operates a defined benefit pension scheme for the benefit of qualifying employees, the assets of which are held separately in an independently administered fund. Contributions to the scheme are determined with the advice of independent qualified actuaries on the basis of triennial valuations using the projected unit method.

The last full actuarial valuation was carried out as at 31 October 2022 and concluded that, subject to the company continuing to make contributions in accordance with the actuary's recommendations set out above, the resources of the scheme are likely in the normal course of events to meet in full liabilities of the scheme as they fall due.

The profit and loss account represents accumulated trading profit, less equity dividends paid. The closing profit and loss account includes a £12,000 (2024: £4,000 debit) credit, stated after a deferred taxation debit of £21,000 (2024: £1,000) in respect of pension scheme liabilities of the Group and Company pension scheme.

A guarantee has been given on the company's behalf to H M Revenue & Customs in respect of excise duty payments for an amount of £100,000 (2024: £120,000).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year the company entered into transactions, in the ordinary course of business, with the below related parties. Transactions entered into, and trading balances outstanding as at the balance sheet date, are as follows:

The following amounts were outstanding at the reporting date:

The Company’s controlling party and ultimate parent undertaking is Givaudan SA, a publicly quoted Swiss Company. This is the largest and smallest group, in which the results are consolidated. Copies of the group financial statements of Givaudan SA in which the results of the Company are consolidated can be obtained from the Givaudan website or from Givaudan SA, whose registered address is 5 Chemin de la Perfumerie, 1214 Vernier, Switzerland.