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REGISTERED NUMBER: 01438896 (England and Wales)

CELTIC CHEMICALS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2025

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 7 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Cash Flow Statement | 14 |

| Notes to the Cash Flow Statement | 15 |

| Notes to the Financial Statements | 16 |

| CELTIC CHEMICALS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 OCTOBER 2025

| DIRECTORS: | B J Donald

| R D Woolcock

| S M Houlton

| SECRETARY: | R D Woolcock

| REGISTERED OFFICE: | Unit 25 Kenfig Industrial Estate

| Margam

| Port Talbot

| SA13 2PE

| REGISTERED NUMBER: | 01438896 (England and Wales)

| AUDITORS: | Bevan Buckland Audit Ltd (Statutory Auditors)

| Ground Floor Cardigan House

| Castle Court

| Swansea Enterprise Park

| Swansea

| SA7 9LA

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

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

REVIEW OF BUSINESS

The trading activities of the company continued with turnover increasing slightly from last year however remaining fairly consistent. Gross Profit Margin remains at an acceptable level.

| 2025 |  | 2024 |  | 2023 |  |

Turnover £'000 |  | 13,614 |  | 13,094 |  | 12,312 |  |

Gross Profit Margin |  | 37.67% |  | 37.69% |  | 38.65% |  |

Average Number of Employees |  | 33 |  | 32 |  | 29 |  |

KEY PERFORMANCE INDICATORS

The directors carefully monitor results and consider that the company's key performance indicators are financial, namely turnover and operating profit. These are reflected in the financial statements.

Other Company objectives & KPI's are considered and reported on in the company's quarterly management review.

In 2025, key objectives and KPI's included:

- Maintaining accreditation (quality, environment, food safety, etc.)

- Expanding production facilities

- Decreasing waste

- Improving the company IT systems (Cloud-based)

- Reducing primary plastic use

- Reducing wastewater generation

- Monitoring energy consumption

FUTURE PLANS

The directors consider the financial position of the company at the Balance Sheet date to be satisfactory and expects the current level of activity to be sustained for the foreseeable future.

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The directors regularly review the principal risks facing the company including those that would impact its business model, future performance, and solvency. The directors ensure that the nature and extent of significant risks facing the business are identified and adequately managed.

The company uses various financial instruments which include cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

There continues to be a focus on identifying and assessing potential emerging risks. These can be newly identified risks or known risks that have evolved. The directors' horizon scan to ensure they can take appropriate actions against potential changes that could change the industry or the business from a risk and opportunity perspective.

The directors will continually monitor the principal and other risks and uncertainties for the business. The directors will closely monitor business performance, including using monthly key performance indicators, and will take appropriate action, including amendments to its business model, if required.

The following are the risks the directors believe to be the most important risks and uncertainties that may impact on the company's ability to deliver its strategy effectively.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Credit risk

The company's principal financial assets are cash and trade debtors. The principal credit risk arises from its trade debtors. To manage credit risk, the directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Interest rate risk

The company has limited its interest rate risk by continuing to hold sufficient cash balances to meet its needs without the need for further financing.

Cash flow risk

The company holds significant cash reserves to mitigate against cash flow difficulties.

Trading Risks

(i) Current economic climate:

Continuing high energy costs and wage inflation have kept costs of manufacturing, acquiring and transporting products high, though reductions have been seen in some areas. The directors continually review purchasing and investment strategies and pricing structure to mitigate this risk.

The company will continue to monitor consumer behaviours and regularly review KPI's including brand performance across key market segments and geographies as set out below:

Sales per Sector:

The company's sales during the year were diversified across a broad range of industries, with a clear concentration in several key markets. The largest contributor to revenue continued to be the Human Nutrition sector, representing 26.91% of total sales. This reflects the company's strong and sustained position within this market.

Sales per Region:

Significant sales were generated in the Anaerobic Digestion and Electronics sectors, which accounted for 16.98% and 15.74% of total sales respectively. These sectors remain important to the company's overall performance and demonstrate the breadth of applications for the company's product portfolio.

The European market represented the second largest regional contribution at 17.61%, reflecting the company's established customer base across multiple EU and non EU territories.

(ii) Disruption of Production/ Supply Chain

There is a risk that supply chain failure could affect the supply of goods. The company manages its assets which include its brand, plant and equipment and people to ensure that there are contingency measures in place in such an event. The company regularly reviews availability, lead times and stock levels to reduce the risk of disruption to the company's supply chain. The last year has seen supply chain issues that have forced the company to test its contingency measures, proving their validity.

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

HEALTH AND SAFETY

Celtic Chemicals Limited takes Health & Safety issues seriously and is committed to protecting the health and safety of its staff and others affected by its business activities and attending its premises. To this end the company publishes a 'Health and Safety Policy' that clearly outlines the responsibilities of Directors & Staff in issues of H&S. To facilitate adherence to the policy, risk assessments are conducted with actions set.

In the year ending 31st October 2025, two health and safety non-conformances were recorded, none of which were subject to mandatory recording or reporting under RIDDOR 2013. Both were classified internally as 'minor' incidents.

ENVIRONMENT

As a manufacturer and trader of minerals and metals for the various industries, Celtic Chemicals Ltd is committed to "Protecting today's environment for tomorrow's needs".

Senior management at Celtic Chemicals Ltd recognises that company day to day operations we inevitably impact on the environment. They are committed to reducing that impact through continual improvement improved environmental performance. The company environmental policy is the overarching document that ensures this aim is fulfilled.

The company continues to operate within the limits set in its Natural Resources Wales Low Impact Installation permit. These environmental aspects form an integral part of the company's business strategy as it strives to make continual improvements. Environmental aspect monitored include,

- Energy efficiency

- Raw material use

- Avoidance, recovery, and disposal of wastes

- Emissions to air, water and land

- Odour

- Noise and vibration

In the year ending 31st October 2025, Celtic Chemicals Limited achieved full ISO 14001 compliance, having started the journey in the prior period. The company was compliant with all local and international laws and regulations relating to th environmental aspects and there were no environmental non-conformances.

Environmental responsibility is evident in the company objectives for 2025 quoted above.

ETHICAL TRADING

Celtic Chemicals Limited recognises the responsibility that it shares with its suppliers to source, buy, produce, and sell products in an ethical manner. The company ethical trading policy requires that all suppliers comply with Celtic Chemicals' ethical code which is based on the International Labour Organisation (ILO) and national and international laws.The policy is underpinned by Sedex and EcoVadis accreditation.

The CCL ethical trading code covers the following topics:

- Forced labour

- Child labour

- Discrimination

- Working conditions

- Remuneration

- Freedom of association

- Bribery

ON BEHALF OF THE BOARD:

R D Woolcock - Director

18 May 2026

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 OCTOBER 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturing and trading in industrial chemicals.

DIVIDENDS

During the financial year ended 31 October 2025, the Company paid the following dividends to its shareholders; regular monthly dividends paid during the year totalled £524,199 and a one-off dividend amounting to £87,366.50.

A further one-off dividend of £436,832.60 has been declared but remains unpaid at the year end.

DIRECTORS

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

B J Donald

R D Woolcock

S M Houlton

Other changes in directors holding office are as follows:

R Houlton - resigned 30 September 2025

Mrs K P Woolcock - resigned 30 September 2025

Mrs H M Donald - resigned 30 September 2025

J M Donald - resigned 30 September 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 OCTOBER 2025

AUDITORS

The auditors, Bevan Buckland Audit Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R D Woolcock - Director

18 May 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CELTIC CHEMICALS LIMITED

Opinion

We have audited the financial statements of Celtic Chemicals Limited (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CELTIC CHEMICALS LIMITED

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- |  | enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to: |

| - |  | identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; |

| - |  | detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |

| - |  | internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |

- |  | discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. |

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

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

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

- |  | enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |

- |  | reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; |

- |  | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; |

- |  | assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and |

- |  | evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CELTIC CHEMICALS LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Henry Lloyd Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland Audit Ltd (Statutory Auditors)

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

18 May 2026

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

INCOME STATEMENT

FOR THE YEAR ENDED 31 OCTOBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 13,613,630 |  | 13,094,118 |  |

Cost of sales | 8,484,789 |  | 8,159,489 |  |

GROSS PROFIT | 5,128,841 |  | 4,934,629 |  |

Administrative expenses | 3,575,750 |  | 3,040,961 |  |

1,553,091 |  | 1,893,668 |  |

Other operating income | 19,458 |  | - |  |

OPERATING PROFIT | 6 | 1,572,549 |  | 1,893,668 |  |

Interest receivable and similar income | 101,364 |  | 83,542 |  |

1,673,913 |  | 1,977,210 |  |

Interest payable and similar expenses | 7 | - |  | 1,634 |  |

PROFIT BEFORE TAXATION | 1,673,913 |  | 1,975,576 |  |

Tax on profit | 8 | 421,754 |  | 496,778 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,252,159 |  | 1,478,798 |  |

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 OCTOBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,252,159 |  | 1,478,798 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,252,159 |  | 1,478,798 |  |

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

BALANCE SHEET

31 OCTOBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 975,777 |  | 914,847 |  |

CURRENT ASSETS

Stocks | 11 | 2,435,710 |  | 2,479,151 |  |

Debtors | 12 | 1,990,714 |  | 2,501,827 |  |

Cash at bank | 5,060,407 |  | 3,405,101 |  |

9,486,831 |  | 8,386,079 |  |

CREDITORS

Amounts falling due within one year | 13 | 3,454,299 |  | 2,477,487 |  |

NET CURRENT ASSETS | 6,032,532 |  | 5,908,592 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,008,309 |  | 6,823,439 |  |

PROVISIONS FOR LIABILITIES | 14 | 89,500 |  | 108,391 |  |

NET ASSETS | 6,918,809 |  | 6,715,048 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 99,500 |  | 99,500 |  |

Retained earnings | 16 | 6,819,309 |  | 6,615,548 |  |

SHAREHOLDERS' FUNDS | 6,918,809 |  | 6,715,048 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 18 May 2026 and were signed on its behalf by:

R D Woolcock - Director

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 November 2023 | 99,500 |  | 5,748,316 |  | 5,847,816 |  |

Changes in equity

Dividends | - |  | (611,566 | ) | (611,566 | ) |

Total comprehensive income | - |  | 1,478,798 |  | 1,478,798 |  |

Balance at 31 October 2024 | 99,500 |  | 6,615,548 |  | 6,715,048 |  |

Changes in equity

Dividends | - |  | (1,048,398 | ) | (1,048,398 | ) |

Total comprehensive income | - |  | 1,252,159 |  | 1,252,159 |  |

Balance at 31 October 2025 | 99,500 |  | 6,819,309 |  | 6,918,809 |  |

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 OCTOBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,809,866 |  | 877,555 |  |

Interest paid | - |  | (1,634 | ) |

Tax paid | (437,314 | ) | (440,961 | ) |

Net cash from operating activities | 2,372,552 |  | 434,960 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (207,045 | ) | (342,239 | ) |

Interest received | 101,364 |  | 83,542 |  |

Net cash from investing activities | (105,681 | ) | (258,697 | ) |

Cash flows from financing activities

Amount introduced by directors | 436,833 |  | - |  |

Equity dividends paid | (1,048,398 | ) | (611,566 | ) |

Net cash from financing activities | (611,565 | ) | (611,566 | ) |

Increase/(decrease) in cash and cash equivalents | 1,655,306 |  | (435,303 | ) |

Cash and cash equivalents at beginning of year | 2 | 3,405,101 |  | 3,840,404 |  |

Cash and cash equivalents at end of year | 2 | 5,060,407 |  | 3,405,101 |  |

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 OCTOBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,673,913 |  | 1,975,576 |  |

| Depreciation charges | 146,115 |  | 125,140 |  |

| Finance costs | - |  | 1,634 |  |

| Finance income | (101,364 | ) | (83,542 | ) |

1,718,664 |  | 2,018,808 |  |

| Decrease/(increase) in stocks | 43,441 |  | (502,505 | ) |

| Decrease/(increase) in trade and other debtors | 511,113 |  | (645,310 | ) |

| Increase in trade and other creditors | 536,648 |  | 6,562 |  |

| Cash generated from operations | 2,809,866 |  | 877,555 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 October 2025

| 31.10.25 |  | 1.11.24

£ | £ |

| Cash and cash equivalents | 5,060,407 |  | 3,405,101 |  |

| Year ended 31 October 2024

| 31.10.24 |  | 1.11.23

£ | £ |

| Cash and cash equivalents | 3,405,101 |  | 3,840,404 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.11.24 | Cash flow | At 31.10.25

£ | £ | £ |

| Net cash |

| Cash at bank | 3,405,101 |  | 1,655,306 |  | 5,060,407 |  |

3,405,101 |  | 1,655,306 |  | 5,060,407 |  |

| Total | 3,405,101 |  | 1,655,306 |  | 5,060,407 |  |

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1. | STATUTORY INFORMATION

| Celtic Chemicals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

| Turnover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Tangible fixed assets

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

| Freehold property | - | 2% on cost

| Improvements to property | - | 15% on cost

| Plant and Machinery | - | 20% straight line

| Fixtures and fittings | - | 25% on cost and 10% on cost

| Motor vehicles | - | 25% on cost

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct product costs are usually based on a first-in-first-out basis. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

| When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stock recognised as an expense in the period in which the reversal occurs.

| Consignment stock comprises goods held by, or received from, third parties under arrangements where legal title and the significant risks and rewards of ownership do not transfer until the goods are sold to the end customer or otherwise agreed under the consignment contract.

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| 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

| 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 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. Financial assets classified as receivable within one year are not amortised.

| Other financial assets

| 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.

| Impairment of financial assets

| 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 profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the assets 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. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

| Financial assets and liabilities are offset and the net amount recognised 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. At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

| If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

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

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

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

| Pension costs and other post-retirement benefits

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

| Debtors

| Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

| Cash at bank and in hand

| Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

| Creditors and provisions

| Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| 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.

| Significant management judgements

| The following are management judgements in applying the accounting policies of the company that have the most significant effect on the amounts recognised in the financial statements.

| Economic Life

| Tangible fixed assets are depreciated over their useful economic lives based on various internal and external factors. The actual lives of the assets are re-assessed on a periodic basis and may vary depending on the standard of the asset. The board periodically review the major classes of assets to ensure that the periods over which they are depreciated is appropriate.

| Provisions and accruals

| Management bases its judgement on the circumstances relating to each specific event and upon currently available information. However, given the inherent difficulties in the estimation of liabilities in these areas, it cannot be guaranteed that additional costs will not be incurred beyond the amounts accrued.

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

4. | TURNOVER

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

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 8,323,673 |  | 8,194,471 |  |

| Europe | 3,698,976 |  | 3,679,465 |  |

| United States of America | 800,788 |  | 490,238 |  |

| South America | 4,741 |  | 28,909 |  |

| Asia | 622,104 |  | 526,473 |  |

| Australia | 126,087 |  | 114,306 |  |

| Africa | 22,256 |  | 56,164 |  |

| Other | 15,005 |  | 4,092 |  |

13,613,630 |  | 13,094,118 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,364,983 |  | 2,047,383 |  |

| Social security costs | 320,539 |  | 239,599 |  |

| Other pension costs | 91,757 |  | 58,360 |  |

2,777,279 |  | 2,345,342 |  |

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

| 2025 |  | 2024

| Management | 3 |  | 3 |  |

| Operations and quality | 14 |  | 10 |  |

| Sales and warehousing | 7 |  | 7 |  |

| Administration | 3 |  | 3 |  |

| Laboratory | 2 |  | 2 |  |

| Finance | 2 |  | 2 |  |

| Purchasing | 1 |  | 1 |  |

32 |  | 28 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 1,421,242 |  | 1,191,644 |  |

| Directors' pension contributions to money purchase schemes | 54,468 |  | 30,000 |  |

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

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 203,055 |  | 279,155 |  |

| Pension contributions to money purchase schemes | 10,468 |  | 10,432 |  |

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 146,115 |  | 125,140 |  |

| Foreign exchange differences | 784 |  | (7,318 | ) |

| Fees payable to the company's auditors for the audit of the company's financial statements | 16,750 |  | 16,425 |  |

| Fees payable in relation to non- audit services | 6,950 |  | 4,500 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Corporation tax interest | - |  | 1,634 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 440,645 |  | 437,314 |  |

| Deferred tax | (18,891 | ) | 59,464 |  |

| Tax on profit | 421,754 |  | 496,778 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,673,913 |  | 1,975,576 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 418,478 |  | 493,894 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,189 |  | 2,824 |  |

| Adjustments to tax charge in respect of previous periods | 1,087 |  | 60 |  |

| Total tax charge | 421,754 |  | 496,778 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Voting shares of £1 each

| Interim | 1,048,398 |  | 611,566 |  |

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

10. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | Machinery

£ | £ | £ |

| COST

| At 1 November 2024 | 440,699 |  | 750,269 |  | 615,206 |  |

| Additions | - |  | 1,450 |  | 197,686 |  |

| At 31 October 2025 | 440,699 |  | 751,719 |  | 812,892 |  |

| DEPRECIATION

| At 1 November 2024 | 73,705 |  | 446,098 |  | 444,988 |  |

| Charge for year | 8,814 |  | 61,614 |  | 60,551 |  |

| At 31 October 2025 | 82,519 |  | 507,712 |  | 505,539 |  |

| NET BOOK VALUE

| At 31 October 2025 | 358,180 |  | 244,007 |  | 307,353 |  |

| At 31 October 2024 | 366,994 |  | 304,171 |  | 170,218 |  |

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 November 2024 | 322,155 |  | 5,692 |  | 2,134,021 |  |

| Additions | 7,909 |  | - |  | 207,045 |  |

| At 31 October 2025 | 330,064 |  | 5,692 |  | 2,341,066 |  |

| DEPRECIATION

| At 1 November 2024 | 253,510 |  | 873 |  | 1,219,174 |  |

| Charge for year | 13,712 |  | 1,424 |  | 146,115 |  |

| At 31 October 2025 | 267,222 |  | 2,297 |  | 1,365,289 |  |

| NET BOOK VALUE

| At 31 October 2025 | 62,842 |  | 3,395 |  | 975,777 |  |

| At 31 October 2024 | 68,645 |  | 4,819 |  | 914,847 |  |

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 2,435,710 |  | 2,479,151 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 1,934,396 |  | 2,395,574 |  |

| Consignment stocks | - |  | 64,169 |  |

| Other debtors | 23,139 |  | 22,613 |  |

| Prepayments | 33,179 |  | 19,471 |  |

1,990,714 |  | 2,501,827 |  |

CELTIC CHEMICALS LIMITED (REGISTERED NUMBER: 01438896) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 OCTOBER 2025

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

2025 | 2024 |

£ | £ |

| Trade creditors | 812,443 |  | 1,183,488 |  |

| Tax | 220,268 |  | 216,937 |  |

| Social security and other taxes | 262,875 |  | 243,492 |  |

| VAT | 465,573 |  | 224,699 |  |

| Other creditors | 89,401 |  | 92,683 |  |

| Directors' current accounts | 436,833 |  | - |  |

| Accruals and deferred income | 1,166,906 |  | 516,188 |  |

3,454,299 |  | 2,477,487 |  |

14. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 89,500 |  | 108,391 |  |

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 108,391 |  |

| Credit to Income Statement during year | (18,891 | ) |

| Balance at 31 October 2025 | 89,500 |  |

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 97,500 | Voting | £1 | 97,500 |  | 97,500 |  |

| 2,000 | Non-voting | £1 | 2,000 |  | 2,000 |  |

99,500 |  | 99,500 |  |

16. | RESERVES

| Retained

| earnings

£ |

| At 1 November 2024 | 6,615,548 |  |

| Profit for the year | 1,252,159 |  |

| Dividends | (1,048,398 | ) |

| At 31 October 2025 | 6,819,309 |  |

17. | RELATED PARTY DISCLOSURES

| Rent of £50,000 (2024: £39,287) was paid in the year to Celtic Chemicals (2005) Retirement Benefit Scheme. There was no outstanding balance at the year end.

| Included in accruals is an amount of £862,500 (2024: £426,750) in relation to accrued bonuses for the directors of the company.

18. | ULTIMATE CONTROLLING PARTY

| There is considered by the directors to be no ultimate controlling party of Celtic Chemicals Limited.