REGISTERED NUMBER: 03218866 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 March 2026

for

Plater Chemicals Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTOR:

B S Hendon

REGISTERED OFFICE:

High Street West

Glossop

Derbyshire

SK13 8ES

REGISTERED NUMBER:

03218866 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susanna D Ault FCA FCCA

AUDITORS:

Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

The director presents his strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

The principal activity of the company is that of chemical distribution and manufacture across various types of industries.

We aim to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the end of the year. Our review is appropriate and consistent with the size and nature of our business and is written in the context of the risks we face.

The profit and loss account shows a profit for the period before taxation of £4,642,947 (2025 - £4,681,949) and turnover of £16,670,900 (2025 - £17,535,181). Overhead costs have remained under close control.

Keeping pace with market trends is key to the Plater business model and it is proud of its ability to adapt to changes in the market and make quick business decisions. Market trends are heavily influenced by customer purchasing behaviour, so Plater talks to its customers on a regular basis to learn about pressure points and provide solutions. Plater prides itself on innovation and providing novel answers to customers' headaches in order to stand out from the crowd. There has been a noticeable shift in Plater's business mix towards manufactured products.

We will continue to show flexibility and respond to market conditions and opportunities as they arise having due regard to key business risks faced by the business.

RISKS AND UNCERTAINTIES

Following Covid, the Russia- Ukraine war, we now have the challenges of the war in the Straits of Hormuz. For Plater Group we have also seen the closure of the Straits of Hormuz increase the price of shipping from the Far East, which directly adds to the costs of our products & increased shipping times. We have seen the closures of the oil refineries reducing the world supply of sulphur by 30%, the impact on Plater Group has seen the price of sulphur increase by 50%, but the down steam products sulphuric acid & phosphoric acid have also been impacted. Trump continues to add to global uncertainty, but we believe Plater Chemicals resilience will continue.

FINANCIAL RISK MANAGEMENT OBJECTIVES

The business' principal financial instruments comprise bank balances and bank overdrafts.. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a suitable level of funding advances to support working capital requirements. All the business' bank balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade debtors are used to secure additional cash flow by the use of confidential invoice discounting funding. 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 amounts due.

SECTION 172(1) STATEMENT

The Board of Directors confirm it has performed its duties in respect of section 172 of the Companies act 2006.

Specifically, the Board has considered long term factors that affect the Company's strategic directions.

The Board has engaged with its stakeholders, which assist the board in its decision-making process and in fulfilling its duty to promote the success of the Company as set out in Section 172

The Board has fulfilled their duties as follows:

On an ongoing basis, the board assess the major risks affecting the Company and develop appropriate responses to address those risks in an efficient and effective manner. This is taken into consideration when setting goals, budgets and forecasting financial performance. This ensures that the Company understands the financial impact of these risks and can respond to them on a timely basis.

Employees are a key to Plater Chemicals success. The Company engages with employees on a regular basis. Supervisor, site manager and Director meetings are held to cover a range of topics such as Health & Safety, financial performance, training and compliance. The company monitors staff turnover and performance to understand staff progression within the business.

The Company invests in the future of the business and has a successful mentoring plan to encourage young people into the Company.

Plater Chemicals aims to exceed its customers' expectations. We do this through communication and building strong business relationships with our clients. We further promote Plater Chemicals closely with our suppliers and our local communities. We understand our responsibility with our community and work hard to show how important that relationship is to the Company.

ON BEHALF OF THE BOARD:

B S Hendon - Director

26 June 2026

The director presents his report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of bulk chemical dealers.

DIVIDENDS

Interim dividends totalling £13.94486 per share were paid during the year. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2026 will be £ 515,960 .

DIRECTOR

B S Hendon held office during the whole of the period from 1 April 2025 to the date of this report.

The company is a wholly owned subsidiary of Plater Chemicals Group Limited.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

AUDITORS

The auditors, Tomkinson Teal (Lichfield) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B S Hendon - Director

26 June 2026

Opinion

We have audited the financial statements of Plater Chemicals Limited (the 'company') for the year ended 31 March 2026 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and 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 March 2026 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design audit procedures in line with our responsibilities to detect material misstatements arising from irregularities, including fraud.

The risk of not detecting a material misstatement due to fraud is higher than for one arising from error, as fraud may involve deliberate concealment, including collusion or misrepresentation. There are inherent limitations in an audit, and the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely it is that it will be detected.

As part of our audit, we obtained an understanding of the legal and regulatory framework applicable to the company and considered the risks of material misstatement arising from non-compliance. We discussed these risks within the engagement team and designed audit procedures accordingly.

Our procedures included enquiries of management and those charged with governance, review of relevant documentation, and testing of transactions where appropriate. We also addressed the risk of management override of controls by reviewing journal entries and accounting estimates for indicators of bias.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

Susanna D Ault FCA FCCA (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal (Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

26 June 2026

REVENUE

3

16,670,900

17,535,181

Cost of sales

(9,464,906

)

(10,177,052

)

GROSS PROFIT

7,205,994

7,358,129

Administrative expenses

(3,048,123

)

(2,868,416

)

OPERATING PROFIT

5

4,157,871

4,489,713

Interest receivable and similar income

485,076

192,236

PROFIT BEFORE TAXATION

4,642,947

4,681,949

Tax on profit

6

(1,155,703

)

(1,171,639

)

PROFIT FOR THE FINANCIAL YEAR

3,487,244

3,510,310

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,487,244

3,510,310

FIXED ASSETS

Intangible assets

8

-

-

Property, plant and equipment

9

2,014,594

1,643,845

2,014,594

1,643,845

CURRENT ASSETS

Inventories

10

2,343,458

2,545,492

Debtors

11

5,987,623

6,716,514

Cash at bank and in hand

12,313,335

9,056,700

20,644,416

18,318,706

CREDITORS

Amounts falling due within one year

12

(3,065,524

)

(3,434,230

)

NET CURRENT ASSETS

17,578,892

14,884,476

TOTAL ASSETS LESS CURRENT LIABILITIES

19,593,486

16,528,321

PROVISIONS FOR LIABILITIES

14

(500,949

)

(407,068

)

NET ASSETS

19,092,537

16,121,253

CAPITAL AND RESERVES

Called up share capital

15

37,000

37,000

Retained earnings

16

19,055,537

16,084,253

SHAREHOLDERS' FUNDS

19,092,537

16,121,253

The financial statements were approved by the director and authorised for issue on 26 June 2026 and were signed by:

B S Hendon - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

37,000

13,233,943

13,270,943

Changes in equity

Dividends

-

(660,000

)

(660,000

)

Total comprehensive income

-

3,510,310

3,510,310

Balance at 31 March 2025

37,000

16,084,253

16,121,253

Changes in equity

Dividends

-

(515,960

)

(515,960

)

Total comprehensive income

-

3,487,244

3,487,244

Balance at 31 March 2026

37,000

19,055,537

19,092,537

1.	STATUTORY INFORMATION

Plater 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.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Additional goodwill was acquired in 2011 and is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance and 10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.

REVENUE

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

An analysis of revenue by geographical market is given below:

2026

2025

£

£

United Kingdom

14,242,934

15,202,197

Europe

1,216,699

1,860,921

United States of America

546,899

107,292

Asia

210,993

154,307

Rest of the World

453,375

210,464

16,670,900

17,535,181

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

2,121,175

2,193,162

Social security costs

262,968

213,285

Other pension costs

49,386

81,565

2,433,529

2,488,012

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

2026

2025

Director, Administration and Production

61

64

2026

2025

£

£

Director's remuneration

8,294

5,448

Director's pension contributions to money purchase schemes

3,260

3,537

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

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Hire of plant and machinery

109,571

103,420

Other operating leases

423,847

421,679

Depreciation - owned assets

348,461

185,009

Auditors' remuneration

10,460

9,564

Foreign exchange differences

67,635

31,723

6.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

1,062,964

1,053,609

Prior year corporation tax

(1,142

)

-

Total current tax

1,061,822

1,053,609

Deferred tax

93,881

118,030

Tax on profit

1,155,703

1,171,639

Reconciliation of total tax charge included in profit and loss

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

2026

2025

£

£

Profit before tax

4,642,947

4,681,949

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

1,160,737

1,170,487

Effects of:

Expenses not deductible for tax purposes

1,358

1,136

Capital allowances in excess of depreciation

(99,131

)

(118,014

)

Adjustments to tax charge in respect of previous periods

(1,142

)

-

Deferred tax

93,881

118,030

Total tax charge

1,155,703

1,171,639

7.

DIVIDENDS

2026

2025

£

£

Interim

515,960

660,000

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2025

and 31 March 2026

125,002

AMORTISATION

At 1 April 2025

and 31 March 2026

125,002

NET BOOK VALUE

At 31 March 2026

-

At 31 March 2025

-

9.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2025

2,817,362

299,530

79,386

3,196,278

Additions

226,154

513,958

2,068

742,180

Disposals

-

(22,970

)

-

(22,970

)

At 31 March 2026

3,043,516

790,518

81,454

3,915,488

DEPRECIATION

At 1 April 2025

1,390,319

92,204

69,910

1,552,433

Charge for year

306,816

39,287

2,358

348,461

At 31 March 2026

1,697,135

131,491

72,268

1,900,894

NET BOOK VALUE

At 31 March 2026

1,346,381

659,027

9,186

2,014,594

At 31 March 2025

1,427,043

207,326

9,476

1,643,845

10.	INVENTORIES

2026

2025

£

£

Stocks

2,343,458

2,545,492

11.

DEBTORS

2026

2025

£

£

Amounts falling due within one year:

Trade debtors

2,224,967

3,328,237

Other debtors

20,534

39,323

Tax

4,508

-

Prepayments

507,769

529,070

2,757,778

3,896,630

Amounts falling due after more than one year:

Amounts owed by group undertakings

3,229,845

2,819,884

Aggregate amounts

5,987,623

6,716,514

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

1,497,623

1,858,010

Tax

465,020

554,751

Social security and other taxes

46,186

51,382

VAT

174,525

287,618

Other creditors

37,797

-

Directors' current accounts

33

485

Accruals and deferred income

844,340

681,984

3,065,524

3,434,230

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2026

2025

£

£

Within one year

374,934

338,526

Between one and five years

1,404,029

1,210,925

In more than five years

-

175,000

1,778,963

1,724,451

14.	PROVISIONS FOR LIABILITIES

2026

2025

£

£

Deferred tax

500,949

407,068

Deferred

tax

£

Balance at 1 April 2025

407,068

Provided during year

93,881

Charge for the year

Balance at 31 March 2026

500,949

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

37,000

Ordinary

£1

37,000

37,000