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Registered number: 01945954 CHEMIQUE ADHESIVES AND SEALANTS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CHEMIQUE ADHESIVES AND SEALANTS LIMITED COMPANY INFORMATION
Directors | Mr S I Francis
| Mr A J McMullen
Company secretary | Mr S I Francis
Registered number | 01945954
Registered office | Unit 21 Empire Close
| Brickyard Road
| Aldridge
| West Midlands
| WS9 8UR
Independent auditors | PKF Smith Cooper Audit Limited
| Statutory Auditors
| Cornerblock
| 2 Cornwall Street
| Birmingham
| B3 2DX
Bankers | HSBC Bank Plc
| South East Midlands Commercial Centre
| Church Green West
| Redditch
| Worcestershire
| B97 4EA
CHEMIQUE ADHESIVES AND SEALANTS LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 27
CHEMIQUE ADHESIVES AND SEALANTS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Principal activities
The Company’s principal activities continued to be the manufacturing and sale of adhesives and adhesive application equipment.
Business review
We aim to present a balanced and comprehensive review of the Company's development and performance during the year, and its position at year-end. Our review is consistent with the Company's size and non-complex nature and is written in the context of the risks and uncertainties we face. During 2025, the Company experienced a decrease in turnover due to a more challenging economic environment; however, it achieved an increase in gross margin. As a trusted UK manufacturer of industrial adhesives with a history spanning four decades, we have provided industry-leading adhesive solutions and delivered first-class service and support to our longstanding customer base. We have continuously evolved and expanded our product portfolio to cater for many industries, including automotive, commercial manufacturing, construction, foam, furniture, panel lamination, raised access flooring, and more. We strive to provide adhesive solutions that result in exceptional quality and performance. We are certified to ISO 9001 and ISO 14001; our commitment to quality management and environmental responsibility is at the core of everything we do. We are also proud holders of the EcoVadis Committed badge, reflecting our ongoing commitment to upholding industry-leading standards in safety, ethics, and sustainability.
Principal risks and uncertainties
As with many companies of our size, the business environment in which we operate remains challenging. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control. However, we will continue to show flexibility and respond to market conditions and opportunities as they arise. The ongoing military conflict in the Middle East has created significant disruptions across global supply chains. Chemique production setup allows us to safeguard product availability and to maintain a high level of supply reliability, even in the face of global instability. We have been moving quickly to secure the supply of all necessary products. Our objective is to maintain continuity of supply for our customers who rely on our products for essential, everyday needs. Trade debtors are managed for credit and cash flow risks through policies governing the credit offered to customers and regular monitoring of outstanding amounts against time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors. Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due. Management monitors and reviews exposure to the volatility of the US Dollar/Sterling and Euro/Sterling exchange rates to minimise it where possible.
Financial key performance indicators
We consider our key financial performance indicators to be those that communicate the Company's overall financial performance and strength: turnover and gross profit. During the year, the Company's turnover decreased by 3% to £15.8m from £16.3m, while gross profit remained at £5.81m. Overall, the directors are satisfied with the performance in 2025 and will continue to strive for future growth. Page 1
CHEMIQUE ADHESIVES AND SEALANTS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board on 18 May 2026 and signed on its behalf.
Mr S I Francis Director
Page 2
CHEMIQUE ADHESIVES AND SEALANTS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £329,044 (2024 - £284,706). Dividends of £34,452 (2024 - £85,290) were paid during the year.
Directors
The directors who served during the year were:
Mr M J McMullen (resigned 26 November 2025)
Mr S I Francis
Mr A J McMullen
Future developments
Attention in the short to medium term has been on managing cashflow and working capital in general with the directors of the opinion that the Company can continue to operate within its current and future financial parameters and so continue to meet its debts as they fall due. The Company's longer term strategy for beyond 2025 is to maintain its market share and profitability and ultimately, to achieve some growth. The directors have continued to put measures in place to try and expand the markets in which the Company operates in order to achieve this. As such, the directors believe the Company to be a going concern and have adopted this assumption in preparing the financial statements. Page 3
CHEMIQUE ADHESIVES AND SEALANTS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Engagement with employees
The company maintained its practice of consultation and communication with employees both by formal and informal methods.
Disabled employees
The Company gives full consideration to applications for employment from disabled persons, to the training and promotion of disabled employees and to the continuation of employment from those becoming disabled.
Matters covered in the Strategic report
Details on the principal risks and uncertainties are contained in the strategic report.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been interim dividends of £56,570 paid since the balance sheet date.
Auditors
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 18 May 2026 and signed on its behalf.
Mr S I Francis Director
Page 4
CHEMIQUE ADHESIVES AND SEALANTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHEMIQUE ADHESIVES AND SEALANTS LIMITED
Opinion
We have audited the financial statements of Chemique Adhesives and Sealants 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 and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
CHEMIQUE ADHESIVES AND SEALANTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHEMIQUE ADHESIVES AND SEALANTS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
CHEMIQUE ADHESIVES AND SEALANTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHEMIQUE ADHESIVES AND SEALANTS LIMITED (CONTINUED)
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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the Company and industry, we identified the key laws and regulations affecting the Company are: • Companies Act 2006; • Tax legislation; and • Health and safety and employment legislation. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: • Management bias in respect of accounting estimates and judgements made; • Management override of controls; and • Posting of unusual journals or transactions. We focused on those areas that could give rise to a material misstatement in the Company's financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non-compliance with laws, regulations and fraud; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws, regulations and fraud; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and • Performing audit work over the risk of management 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 bias, in particular the valuation of stock. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 7
CHEMIQUE ADHESIVES AND SEALANTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHEMIQUE ADHESIVES AND SEALANTS LIMITED (CONTINUED) 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 Auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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. Richard Haydon (Senior Statutory Auditor) for and on behalf of PKF Smith Cooper Audit Limited Statutory Auditors Cornerblock 2 Cornwall Street Birmingham B3 2DX 20 May 2026 Page 8
CHEMIQUE ADHESIVES AND SEALANTS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 15,828,454 | 16,288,498
Cost of sales |  | (10,018,450) | (10,477,304)
Gross profit |  | 5,810,004 | 5,811,194
Distribution costs |  | (816,900) | (751,338)
Administrative expenses |  | (4,729,643) | (4,873,221)
Other operating income | 5 | 121,402 | 24,674
Operating profit | 6 | 384,863 | 211,309
Interest receivable and similar income | 9 | 41,243 | 46,238
Profit before tax |  | 426,106 | 257,547
Tax on profit | 10 | (97,062) | 27,159
Profit for the financial year |  | 329,044 | 284,706
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
The notes on pages 12 to 27 form part of these financial statements.
Page 9
CHEMIQUE ADHESIVES AND SEALANTS LIMITED REGISTERED NUMBER: 01945954 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 3,600,503 |  | 3,695,021
Investment property | 13 |  | 245,000 |  | 245,000
|  |  | 3,845,503 |  | 3,940,021
Current assets |  |  |  |  |
Stocks | 14 | 1,905,580 |  | 1,858,618 |
Debtors: amounts falling due within one year | 15 | 2,727,919 |  | 2,538,543 |
Cash at bank and in hand | 16 | 2,859,982 |  | 2,443,524 |
|  | 7,493,481 |  | 6,840,685 |
Creditors: amounts falling due within one year | 17 | (1,964,287) |  | (1,813,843) |
Net current assets |  |  | 5,529,194 |  | 5,026,842
Total assets less current liabilities |  |  | 9,374,697 |  | 8,966,863
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 |  | (499,893) |  | (386,651)
Net assets |  |  | 8,874,804 |  | 8,580,212
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 45,000 |  | 45,000
Capital redemption reserve | 20 |  | 5,000 |  | 5,000
Profit and loss account | 20 |  | 8,824,804 |  | 8,530,212
|  |  | 8,874,804 |  | 8,580,212
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 May 2026.
Mr S I Francis
Director
The notes on pages 12 to 27 form part of these financial statements. Page 10
CHEMIQUE ADHESIVES AND SEALANTS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 45,000 | 5,000 | 8,330,796 | 8,380,796
Profit for the year | - | - | 284,706 | 284,706
Dividends | - | - | (85,290) | (85,290)
At 1 January 2025 | 45,000 | 5,000 | 8,530,212 | 8,580,212
Profit for the year | - | - | 329,044 | 329,044
Dividends | - | - | (34,452) | (34,452)
At 31 December 2025 | 45,000 | 5,000 | 8,824,804 | 8,874,804
| The notes on pages 12 to 27 form part of these financial statements.
Page 11
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Chemique Adhesives and Sealants Limited, is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is given in the company information section. The nature of the Company's operations and its principal activities are set out in the strategic report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Chemique UK Limited as at 31 December 2025 and these financial statements may be obtained from Chemique UK Limited, Unit 21, Empire Close, Brickyard Road, Aldridge, West Midlands, WS9 8UR. Page 12
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is recognised on despatch of goods to customer.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2%
|  |  |  | Leasehold land and buildings | - | over the term of the lease
|  |  |  | Plant and machinery | - | 10%
|  |  |  | Fixtures and fittings | - | 33%
|  |  |  | Demo equipment | - | 33%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively, if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
| 2.5 | Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income. Page 13
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.
| 2.7 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.8 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.9 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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. Page 14
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Creditors
Short-term creditors are measured at the transaction price.
| 2.11 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
| 2.12 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is Pound Sterling. The financial statements are rounded to the nearest £. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within administrative expenses.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.14 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term. Page 15
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.15 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.16 | Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
| 2.17 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.18 | Equity instruments
Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Page 16
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.19 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of these financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgements or estimation are necessarily applied are summarised below. Depreciation and residual values The Directors have reviewed the asset lives and associated residual values of all the fixed asset classes, and in particular, the useful economic life and residual values of plant and machinery, and have concluded that straight line depreciation policy is more appropriate as it reflects the useful economic lives of assets and their residual values more reliably than the reducing balance depreciation policy. Fair value of investment property The Directors have reviewed the current market rents and investment property yields for comparable real estate and concluded that the value of investment property is appropriate. Stock provision Stock is stated net of provisions for slow moving and obsolete stock, the calculation of which includes judgements. The directors review these periodically to ensure slow moving and obsolete stock is identified and provisions are appropriately calculated. Page 17
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
The whole of the turnover is attributable to the Company's principal activity. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 12,677,770 | 12,595,072
| Rest of Europe | 1,499,866 | 2,080,924
| Rest of the world | 1,650,818 | 1,612,502
|  | 15,828,454 | 16,288,498
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rent receivable | 12,600 | 4,674
| Government grants receivable | - | 20,000
| Research & development expenditure credit | 108,802 | -
|  | 121,402 | 24,674
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research and development charged as an expense | 14,259 | 19,027
| Depreciation of tangible fixed assets | 340,439 | 312,084
| Exchange differences | (32,426) | 27,999
| Fees payable to the Company's auditor for the audit of the Company's annual financial statements | 23,500 | 23,000
| Other operating lease rentals | 491,433 | 451,222
| Defined contribution pension costs | 312,545 | 302,611
| Bad debt expense | 79,422 | 29,978
| Stock - impairment loss movement recognised in cost of sales | 2,144 | 16,147
| Loss on disposal of fixed assets | 5,750 | -
Page 18
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,188,196 | 3,286,874
| Social security costs | 415,860 | 393,453
| Cost of defined contribution scheme | 312,545 | 302,611
|  | 3,916,601 | 3,982,938
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Manufacturing | 42 | 43
|  | Sales and administration | 17 | 16
|  |  | 59 | 59
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 1,021,251 | 1,238,571
| Company contributions to defined contribution pension schemes | 66,433 | 65,249
|  | 1,087,684 | 1,303,820
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £443,966 (2024 - £543,592).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £33,216 (2024 - £33,000).
Page 19
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 41,243 | 46,238
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | (16,180) | -
| Total current tax | (16,180) | -
| Deferred tax |  |
| Origination and reversal of timing differences | 113,242 | (27,159)
| Total deferred tax | 113,242 | (27,159)
| Tax on profit | 97,062 | (27,159)
Page 20
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 426,106 | 257,547
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 106,527 | 64,387
| Effects of: |  |
| Fixed asset differences | 4,869 | -
| Expenses not deductible for tax purposes | 22,518 | 21,806
| Adjustments to tax charge in respect to prior periods | (16,180) | -
| Tax credits | (20,672) | -
| Adjustments in research and development tax credit | - | (113,352)
| Total tax charge for the year | 97,062 | (27,159)
| Factors that may affect future tax charges
The company has estimated losses of £203,000 (2024 - £738,000) available for carry forward against future trading profits.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary shares | 34,452 | 85,290
Page 21
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Tangible fixed assets
|  | Land and buildings | Plant and machinery | Fixtures and fittings | Demo equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 January 2025 | 2,259,176 | 4,234,905 | 387,539 | 39,015 | 6,920,635
| Additions | 37,809 | 173,068 | 25,793 | 15,001 | 251,671
| Disposals | - | (11,500) | - | - | (11,500)
| At 31 December 2025 | 2,296,985 | 4,396,473 | 413,332 | 54,016 | 7,160,806
| Depreciation |  |  |  |  |
| At 1 January 2025 | 615,809 | 2,198,785 | 372,858 | 38,162 | 3,225,614
| Charge for the year | 45,184 | 287,466 | 7,295 | 494 | 340,439
| Disposals | - | (5,750) | - | - | (5,750)
| At 31 December 2025 | 660,993 | 2,480,501 | 380,153 | 38,656 | 3,560,303
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,635,992 | 1,915,972 | 33,179 | 15,360 | 3,600,503
| At 31 December 2024 | 1,643,367 | 2,036,120 | 14,681 | 853 | 3,695,021
| Land amounting to £199,000 (2024 - £199,000) has not been depreciated. Included in the net book value of land and buildings is freehold £930,207 (2024 - £940,684) and leasehold of £705,785 (2024 - £702,683).
Page 22
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Investment property
|  | Long term leasehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 245,000
| At 31 December 2025 | 245,000
The directors have determined the fair value of the investment property as at 31 December 2025.
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 1,447,231 | 1,358,842
| Work in progress | 77,174 | 67,613
| Finished goods and goods for resale | 381,175 | 432,163
|  | 1,905,580 | 1,858,618
| The carrying value of stocks is stated net of impairment losses totalling £26,713 (2024: £24,289).
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,010,552 | 1,881,191
| Amounts owed by related undertakings | 336,956 | 380,395
| Other debtors | 2,577 | -
| Deferred tax asset | 20,672 | -
| Prepayments and accrued income | 269,032 | 276,957
| Tax recoverable | 88,130 | -
|  | 2,727,919 | 2,538,543
Page 23
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15.Debtors (continued)
| Debtors due from related undertakings are unsecured, interest free and repayable on demand. Trade debtors are stated net of a bad debt provision of £89,916 (2024: £29,731).
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,859,982 | 2,443,524
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,369,244 | 1,309,506
| Corporation tax | 3,415 | 16,180
| Other taxation and social security | 482,604 | 371,384
| Accruals and deferred income | 109,024 | 116,773
|  | 1,964,287 | 1,813,843
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (386,651)
| Charged to statement of comprehensive income | (113,242)
| At end of year | (499,893)
Page 24
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 18.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (571,226) | (571,077)
| Expenditure credit step restrictions | 20,672 | -
| Losses and other deductions | 50,661 | 184,426
|  | (499,893) | (386,651)
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 45,000 (2024 - 45,000) Ordinary shares of £1.00 each | 45,000 | 45,000
20. | Reserves
Capital redemption reserve The capital redemption reserve represents the nominal amount of share capital transferred to reserves arising on the purchase of its own shares in the Company. Profit and loss account The profit and loss account represents all current and prior period retained profits and losses, net of dividends paid and other adjustments.
21. | Contingent liabilities
The Company is subject to and is one of a number of Defendants in a High Court claim brought by a customer concerning the supply of a product. The Company was a part of the supply chain for that product and others forming part of that supply chain are also named Defendants. The claim is being defended and as such, at this stage no estimate of the claim’s financial effect on the Company can be provided. The financial effect on the Company is uncertain at this stage as to the amount or timing of any outflow. Page 25
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Capital commitments
| At 31 December 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | - | 67,746
23. | Pension commitments
The Company operates a defined contributions scheme. The assets of the scheme, are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted £312,545 (2024 - £302,611). Contributions totalling £nil (2024 - £nil) were payable to the fund at the balance sheet date and are included in accruals.
24. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 383,799 | 433,796
| Later than 1 year and not later than 5 years | 960,700 | 968,991
| Later than 5 years | 321,105 | 402,957
|  | 1,665,604 | 1,805,744
25. | Transactions with directors
During the year the company advanced £19,645 (2024 - £143,158) to the directors and the directors repaid £19,645 (2024 - £157,144). At the balance sheet date, the amount due to the company was £nil (2024 - £nil). The amounts advanced were interest free and held no conditions.
26. | Related party transactions
| M J McMullen and A J McMullen are also directors of Chemique Adhesives Inc. a company under common control and incorporated in the United States of America. During the year the Company made sales to Chemique Adhesives Inc. of £1,415,256 (2024 - £1,370,730). At 31 December 2025, a balance of £336,956 (2024 - £380,395) was due to the Company from Chemique Adhesives Inc. During the year, purchases of £950 (2024 - £6,242) were made from Chemique Adhesives Inc. by the Company and at 31 December 2025, a balance of £Nil (2024 - £Nil) was due to Chemique Adhesives Inc. from the Company.
27. | Post balance sheet events
There have been interim dividends of £56,570 paid since the balance sheet date. Page 26
CHEMIQUE ADHESIVES AND SEALANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
28. | Ultimate parent company
The immediate and ultimate parent company is Chemique UK Limited. M J McMullen is the ultimate controlling party by virtue of his controlling interest in that company. The largest and smallest group in which results of the company are consolidated is that headed by Chemique UK Limited, a company incorporated in England and Wales. The consolidated financial statements of this group are available to the public and may be obtained from Chemique UK Limited, Unit 21 Empire Close, Brickyard Road, Aldridge, West Midlands, WS9 8UR.
Page 27