ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

Registered number: 01254437

ALFA CHEMICALS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

ALFA CHEMICALS LIMITED

COMPANY INFORMATION

Directors	S C Bungay
	Dr T W Mathers
	R M Parr
	Dr E K Wale


Registered number	01254437


Registered office	Arc House
	Terrace Road South
	Binfield
	Bracknell
	Berkshire
	RG42 4PZ


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	Apex
	Forbury Road
	Reading
	Berkshire
	RG1 1AX

ALFA CHEMICALS LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 7
Statement of comprehensive income	8
Balance sheet	9
Statement of changes in equity	10
Notes to the financial statements	11 - 22

ALFA CHEMICALS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Business review and future developments

The company operates in highly competitive markets and delivered a 5% increase in turnover, from £18.12m in 2024 to £18.98m in 2025.

Market conditions remained challenging throughout the year. In response, the Company continued to strengthen its resilience by deepening distributor relationships, expanding into new markets with new principals, and implementing targeted sales initiatives to drive organic growth. The manufactured product range launched in 2023 has continued to perform strongly, with an established global distribution network providing a platform for future growth.

Performance across the divisions reflected both opportunities and market developments. The Industrial division benefited from increased sales, driven by higher customer stockholding following the discontinuation of a significant product range early in the year. This was offset by a decline in the Pharmaceutical division, specifically in sales of legacy, custom-manufactured agricultural products supplied to US customers, which have become less viable in the modern commercial environment. Overall, this highlights the importance and strength of the Company’s diversified market exposure.

The Company continues to differentiate itself through a focus on service quality and reliability, which contributed to an increase in gross profit margins from 25% in 2024 to 26% in 2025.

Profit for 2025 decreased marginally by 1% to £0.6m, compared to £0.7m in 2024. The improvement in gross margin enabled the Company to broadly maintain profitability whilst absorbing higher operating costs. These cost increases reflect ongoing investment in people, systems and customer engagement, as well as the impact of inflationary pressures.

The company remains profitable, well-positioned within its markets and focused on strengthening relationships with key customer and supplier to support sustainable long-term growth and continued market resilience.

Principal risks and uncertainties

The company seeks to manage the risk of losing Principals by the provision of added value services that they would be unable to provide. In addition the company focuses on retaining and increasing its customer base by improving the service to customers by reducing response times in the supply of products and also in the handling of customer queries, while maintaining strong relationships and local representation with key customers.

The main financial risks arising from the company's activities are credit risk, exchange rate and liquidity risk. These are monitored by the board of directors and were not considered to be significant at the balance sheet date.

The company's policy in respect of credit risk is to require appropriate credit checks on potential customers before sales are made and to monitor payments against contractual agreements for existing customers.

The company's policy in respect of exchange rate risk is to maintain bank accounts denominated in Euros and US Dollars to facilitate day to day trading transactions; exposure to movements in exchange rates is mitigated by transferring funds into sterling accounts on a timely basis.

The company's policy in respect of liquidity risk is to maintain readily accessible bank deposit accounts to ensure the company has sufficient funds for operation.

Financial key performance indicators

Turnover, margin and net profit are the main measures used to monitor the performance of the company. Each of these measures is discussed in the business review.

Page 1

ALFA CHEMICALS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

This report was approved by the board and signed on its behalf.

S C Bungay

Director

Date: 8 June 2026

Page 2

ALFA CHEMICALS 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.

Principal activity

The company's principal activity is the distribution of specialty raw materials from, primarily, overseas principals to the Pharmaceutical, Personal Care and Industrial markets in the UK and Ireland.

Results and dividends

The profit for the year, after taxation, amounted to £401,651 (2024 - £500,151).

Interim dividends of £305,629 (2024: £1,098,863) were paid to ordinary shareholders during the year. The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

S C Bungay

Dr T W Mathers

R M Parr

Dr E K Wale

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 judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙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.

Political and charitable contributions

During the year the company made charitable contributions of £33,183 (2024: £27,463). There were no political contributions.

Page 3

ALFA CHEMICALS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Qualifying third-party indemnity provisions

The company has maintained directors' liability insurance in respect of its directors.

Post balance sheet events

There were no post year end balance sheet events.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

S C Bungay

Director

Date: 8 June 2026

Page 4

ALFA CHEMICALS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALFA CHEMICALS LIMITED

Opinion

We have audited the financial statements of Alfa Chemicals 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

ALFA CHEMICALS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALFA CHEMICALS LIMITED (CONTINUED)

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

ALFA CHEMICALS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALFA CHEMICALS LIMITED (CONTINUED)

Auditor's 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 Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations

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

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions.

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 Auditor's 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 Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Alexander Peal BSc (Hons) FCA DChA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

Apex

Forbury Road

Reading

Berkshire

RG1 1AX

8 June 2026

Page 7

ALFA CHEMICALS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	18,977,372	18,124,907
Cost of sales		(14,071,509)	(13,540,600)
Gross profit		4,905,863	4,584,307
Administrative expenses		(4,509,712)	(4,061,204)
Other operating income	5	138,670	130,923
Operating profit	6	534,821	654,026
Interest receivable and similar income		23,660	21,012
Interest payable and similar expenses		(1,299)	-
Profit before tax		557,182	675,038
Tax on profit	10	(155,531)	(174,887)
Profit for the financial year		401,651	500,151

There was no other comprehensive income for 2025 (2024: £NIL).

The notes on pages 11 to 22 form part of these financial statements.

Page 8

ALFA CHEMICALS LIMITED

REGISTERED NUMBER: 01254437

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		114,435		93,202
Investments	13		6,306		6,306
			120,741		99,508
Current assets
Stocks	14	2,112,849		2,359,306
Debtors: amounts falling due within one year	15	2,590,124		2,051,600
Cash at bank and in hand	16	1,629,057		1,948,081
		6,332,030		6,358,987
Creditors: amounts falling due within one year	17	(1,850,333)		(1,957,525)
Net current assets			4,481,697		4,401,462
Total assets less current liabilities			4,602,438		4,500,970
Provisions for liabilities
Deferred tax	18	(26,234)		(20,788)
			(26,234)		(20,788)
Net assets			4,576,204		4,480,182

Capital and reserves
Called up share capital	19	100,000	100,000
Profit and loss account	20	4,476,204	4,380,182
		4,576,204	4,480,182

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S C Bungay

Director

Date: 8 June 2026

The notes on pages 11 to 22 form part of these financial statements.

Page 9

ALFA CHEMICALS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	100,000	4,978,894	5,078,894

Profit for the year	-	500,151	500,151
Dividends: Equity capital	-	(1,098,863)	(1,098,863)

At 1 January 2025	100,000	4,380,182	4,480,182

Profit for the year	-	401,651	401,651
Dividends: Equity capital	-	(305,629)	(305,629)
At 31 December 2025	100,000	4,476,204	4,576,204

The notes on pages 11 to 22 form part of these financial statements.

Page 10

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Alfa Chemicals Limited is a private company limited by shares and incorporated in England and Wales. Its registered head office is Arc House, Terrace Road South, Binfield, Bracknell, Berkshire, RG42 4PZ.

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 judgment 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.

This information is included in the consolidated financial statements of Alfa Chemicals Group Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.

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.

Page 11

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

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.

Depreciation 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:

				Motor vehicles	-	3%	straight line per month
				Fixtures and fittings	-	2%	straight line per month

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 profit or loss.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

2.7

Debtors

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

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.

Page 12

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

Financial instruments

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

2.10

Creditors

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

Page 13

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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.

Page 14

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.15

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 profit or loss 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.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements require management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Stock provisions

Provisions are estimated by the company in respect of specific stocks based upon the age of the stock and knowledge of known issues.

Turnover

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	16,450,965	13,694,510
Rest of Europe	1,987,797	2,059,057
Rest of the World	538,610	2,371,340
	18,977,372	18,124,907

5.	Other operating income
		2025	2024
		£	£

	Management charges	138,670	130,923

Page 15

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Depreciation	46,853	42,707
Exchange differences	68,816	8,660
Other operating lease rentals	82,123	84,392

7.	Auditor's remuneration
		2025	2024
		£	£

Fees payable to the company's auditor for the audit of the company's financial statements

18,850

17,835

Wages and salaries	2,740,587	2,554,715
Social security costs	358,242	294,789
Cost of defined contribution scheme	138,628	124,178
	3,237,457	2,973,682

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

	2025	2024
	No.	No.

Trading	24	23
Administration	17	16

	41	39

Page 16

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Directors' remuneration
		2025	2024
		£	£

	Directors' emoluments	814,169	754,592

	During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contibution pension schemes.
	The highest paid director received remuneration of £188,878 (2024 - £182,975).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,932 (2024 - £9,106).
	The directors are considered to be the key management personnel of the company.

Corporation tax
Current tax on profits for the year	150,085	180,355
	150,085	180,355

Total current tax	150,085	180,355

Deferred tax
Origination and reversal of timing differences	5,446	(5,472)
Adjustments in respect of prior periods	-	4
Total deferred tax	5,446	(5,468)


	Tax on profit	155,531	174,887

Page 17

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.Taxation (continued)

Profit on ordinary activities before tax

557,182

675,038

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	139,296	168,760
Effects of:
Expenses not deductible for tax purposes	17,643	18,339
Adjustments to tax charge in respect of previous periods - deferred tax	-	4
Group relief	(1,408)	(12,216)
Total tax charge for the year	155,531	174,887

11.	Dividends
		2025	2024
		£	£

Dividends paid on equity capital

305,629

1,098,863

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ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Tangible fixed assets

	Motor vehicles	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2025	38,500	467,167	505,667
Additions	-	74,131	74,131
Disposals	(38,500)	(70,224)	(108,724)
At 31 December 2025	-	471,074	471,074
Depreciation
At 1 January 2025	38,500	373,965	412,465
Charge for the year	-	46,853	46,853
Disposals	(38,500)	(64,179)	(102,679)
At 31 December 2025	-	356,639	356,639
Net book value
At 31 December 2025	-	114,435	114,435
At 31 December 2024	-	93,202	93,202

13.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2025	6,306
	At 31 December 2025	6,306

The investment represents 100% of the issued share capital (€7,000, translated at the investment date of 1 January 2019) of Alfa Chemicals Nordic ApS, a company incorporated in Denmark. The company’s principal activity is the sale of raw materials for the chemical industry and its registered address was Bredgade 20A, 2nd Floor, DK-1260, Copenhagen, Denmark.

Page 19

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Stocks
		2025	2024
		£	£

	Finished goods and goods for resale	2,112,849	2,359,306

15.

Debtors

					2025	2024
					£	£


Trade debtors	2,434,481	1,734,847
Amounts owed by group undertakings	-	224,156
Other debtors	155,643	92,597
	2,590,124	2,051,600

16.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	1,629,057	1,948,081

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	963,172	1,065,255
Corporation tax	40,402	69,628
Other taxation and social security	455,447	397,311
Other creditors	78,954	172,431
Accruals and deferred income	312,358	252,900
	1,850,333	1,957,525

Page 20

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Deferred taxation

		2025
		£

	At beginning of year	(20,788)
	Credited to profit or loss	(5,446)
	At end of year	(26,234)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Fixed asset timing differences	(26,234)	(20,788)
		(26,234)	(20,788)

19.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100,000 (2024 - 100,000) Ordinary shares of £1.00 each	100,000	100,000

20.

Reserves

Profit and loss account

Includes all current and prior periods retained profits and losses.

21.	Pension commitments

The company operates a defined contribution pension 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 to £138,628 (2024: £124,178).

22.	Related party transactions
	The company has taken advantage of the exemption under FRS 102 not to disclose related party transactions with wholly owned group companies. During the year the company paid dividends of £305,629 (2024: £1,098,863) to the shareholders.

Page 21

ALFA CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Controlling party

The ultimate parent company is Alfa Chemicals Group Limited, a company incorporated in England.

The largest and smallest group in which the results of the company are consolidated is that headed by Alfa Chemicals Group Limited. The consolidated financial statements of this company are available to the public from:

The Registrar of Companies
Companies House
2 Crown Way
Cardiff
CF4 3UZ

No other group financial statements include the results of the company.

Page 22