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Registered number: SC098401
AUBIN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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AUBIN LIMITED
COMPANY INFORMATION
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Pinsent Masons Secretarial Limited
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Ecovis Wingrave Yeats LLP
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Chartered Accountants & Statutory Auditor
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3rd Floor, Waverley House
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AUBIN LIMITED
CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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AUBIN LIMITED
REGISTERED NUMBER: SC098401
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Capital redemption reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2026.
The notes on pages 3 to 7 form part of these financial statements.
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AUBIN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Capital redemption reserve
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Comprehensive income for the year
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Foreign currency exchange
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Comprehensive income for the year
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Foreign currency exchange
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The notes on pages 3 to 7 form part of these financial statements.
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AUBIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Aubin Limited ("the Company") is a private company, limited by shares, incorporated in Scotland, registration number SC098401. The registered office is 13 Queens Road, Aberdeen, AB15 4YL. The trading address is Unit 1 Castle Street, Castlepark Industrial Estate, Ellon, AB41 9RF.
The financial statements are prepared in US dollars, which is the presentational currency of the company. Monetary amounts in these financial statements are rounded to the nearest $. The functional currency of the Company is sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Basis other than going concern
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It is the intention of the directors to wind up the entity within 12 months of signing the financial statements for the year ended 31 December 2025. As a result, these financial statements have been prepared on a break-up basis. The directors are satisfied that the financial statements are presented truly and fairly, and all assets and liabilities are valued appropriately, considering the fact that the Company is not a going concern at the balance sheet date.
The Company has elected not 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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AUBIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Impairment of financial assets
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Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset original effective interest rate.
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Classification of financial liabilities
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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 the deduction of its liabilities.
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Basic financial liabilities
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Basic financial liabilities, including trade and other creditors, bank loans and amounts due to fellow group companies 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 receipts 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. Accounts 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.
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AUBIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The tax expense represents the sum of the tax currently payable and deferred tax.
Current 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
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.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
Foreign exchange differences arising on translation from functional to presentational currencies are recognised through other comprehensive income and other reserves.
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Judgements and key sources of estimation uncertainty
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Management have not applied any material judgements in the preparation of these financial statements.
The average monthly number of employees, including directors, during the year was 3 (2024 - 3)
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AUBIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Allotted, called up and fully paid
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2,269 (2024 - 2,269) Ordinary A shares of £1.00 each
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4,522 (2024 - 4,522) Ordinary shares of £1.00 each
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The Ordinary A shares have attached to them restricted voting, priority dividend and priority capital distribution (including on winding up) rights. They do not confer any rights of redemption.
The Ordinary shares have attached to them full voting rights.
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Related party transactions
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The Company has taken advantage of the section 33.1A exemption available in FRS102 from the requirement to disclose related party transactions with wholly owned group companies.
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AUBIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate parent undertaking at 31 December 2025 was Italmatch Chemicals GB Limited, a company registered in England and Wales.
The smallest and largest group to consolidate these financial statements for the year ended 31 December 2025 was that headed by Italmatch Chemicals S.p.A., a company incorporated in Italy. Italmatch Chemicals S.p.A prepares consolidated accounts and these are available from the Company's registered office Via E. Vismara 114, 20020 Arese (MI), Italy.
The ultimate parent undertaking and controlling party is Bain Capital Europe Fund IV, a company registered in the Cayman Islands.
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to Note 2.3 in the financial statements, which indicates that these financial statements have not been prepared on a going concern basis. A full description of the events giving rise to the Company not being a going concern has been included in Note 2.3, as has its effect on accounting policies and accounting adjustments. We have considered the adequacies of the disclosures made in the financial statements, and our audit opinion is not modified in respect of the matter.
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The audit report was signed on 6 March 2026 by Jessica Teague (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.
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