The directors present the strategic report for the year ended 31 December 2025.
In the year ended 31 December 2025 the Company's turnover was £124.4 million with a profit after tax of £2.9m compared to turnover of £107.9 million with a profit after tax of £7.0m in the year ended 31 December 2024.
The increase in turnover was largely due to the business combination with Wykamol Group, now incorporated into Mapei UK after acquisition in September 2024, the Hive Up of Assets and combined trading began on 1 February 2025.
Additional turnover was achieved from increased volume from our key customers, a change in the overall product mix, and selling price increases, in response to increases in material costs fluctuations in prior year.
There was an improvement in gross profit as a percentage of sales, mainly due to increased volume of sales, and improved margin on the sales product mix. Administration and distribution costs increased in the year, mainly due to higher payroll costs and one off expenses for legal and rental, as well as goodwill amortisation of £1.9m. Employee numbers have increased to support the increase in turnover. Inventory has also increased.
Our strength continues to be remaining customer focused and continuing to manage opportunities and risks in the market. We work closely with our existing customers to further develop our market share and continue to expand our products and systems into new areas, in particular the building chemicals market.
Acquisition of Lectros Intl Ltd and Wykamol Group Ltd
On 30 September 2024, the Company acquired 100% of the share holdings in Lectros International Limited and its wholly owned subsidiary, Wykamol Group Limited (together known as ‘Wykamol Group’) for a total consideration of £23.1m (including a deferred consideration of £4.4m, which was paid in March 2026 and adjustments to initial consideration of £0.8m as per the sale and purchase agreement). The operations and product range of Wykamol Group compliment the company’s business and help in expanding the existing range of the products by providing waterproofing solutions.
The investment was partly funded by cash and the remainder through the cash pooling facility available to the company from the Mapei Group.
The directors agreed to hive-up the trade and net assets of Wykamol Group Limited at net book value, totalling to £3.4m into the company following a Transfer Agreement dated 31 January 2025, initially for loan consideration. This resulted in the difference between the investment value and net assets hived up being transferred to goodwill and amortised over 10 years.
Credit risk
The largest concentration of credit exposure within the Company is amounts due from customers. It is Company policy that all customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on a daily basis. A Credit Insurance policy provides bad debt cover for eligible trading. Customer’s credit terms are reassessed annually by management to reduce the Company's exposure to bad debts.
Liquidity risk
The Company has entered into cash pooling arrangements with other Group companies whereby certain cleared bank balances are automatically transferred to, or from, the Company on a daily basis. The Company borrowed for its additional funding needs from the Group via the cash pooling arrangement as required during the year. The Directors continually monitor the financial position of the Group, its cash flows, liquidity position and borrowing facilities. As a consequence, the directors believe that the Company is well placed to manage business risks successfully despite the current uncertain economic outlook.
Foreign currency risk
The Company is exposed to short term movements in the exchange rates on a significant amount of its purchases. The Company limits this exposure by liaising with the Group Treasury function.
Other risk
The company regularly monitors the macro-economy with particular focus on the impact of the wars in Ukraine and the Middle East. The war in Ukraine contributed to an initial inflationary increase in raw-material prices. The current troubles in the Middle East are increasing oil derived fuel and material costs which are likely to impact freight and haulage costs throughout 2026, as well as supply to the customer. As a company we will continue to mitigate any impact to Mapei UK Ltd and its customer base.
Whilst prices continue to rise, the rate of inflation is reducing. The changes in current global tariff agreements with the US are not a significant risk as all trade is in UK and Europe. Supply chains have not been significantly impacted though it remains a risk and is closely monitored to allow prompt mitigating action if required.
The company's key financial performance indicators during the year were as follows:
| 2025 |
| 2024
|
| change |
|
£000 |
| £000 |
| £000 | ||
Turnover | 124,351 |
| 107,894
|
| 16,457 |
|
Profit for the financial year | 2,987 |
| 7,014
|
| -4,027 |
|
Shareholders' funds | 41,093 |
| 38,106 |
| 2,987 |
|
Current assets as a % of current liabilities | 140% |
| 133% |
| 7% |
|
Average number of employees | 423 |
| 365 |
| 58 |
|
Stocks | 13,515 |
| 10,788 |
| 2,727 |
|
Key performance indicators continue to be used throughout the business, and the financial indicators such as turnover, profit and inventory levels are set out in the body of the financial statements. Stocks have increased in the year as we continue to monitor appropriate stock holding for more efficient operations. The critical movements have been discussed in the fair review of the business, above. Health, safety and environmental initiatives and efforts are also treated as areas of high importance within the business.
Section 172(1) statement
The Directors of Mapei (UK) Limited must act in accordance with a set of general duties, as set out in section 172 of the Companies Act 2006, which is summarised as follows:
A Director of a company must act in the way they consider, in good faith, to promote the success of the company, for the benefit of the shareholders, and in doing so have regard (amongst other matters) to:
- The likely consequences of any decision in the long-term;
- The interest of the company's employees;
- The need for the company to foster the company's relationships with suppliers, customers and others;
- The impact of the company's operations on the community and the environment;
- The requirement of the company maintaining a reputation of high standards of business conduct.
Directors are briefed on their duties, and they can access professional advice on these from either the Group, or, if they judge necessary, from an independent adviser. To allow Directors to fulfil their duties effectively, there is a delegation framework in place, allowing day to day decisions to be made by senior employees and local senior management of the company. The company holds regular Senior Management Meetings, as well as regular Operations Meetings which include the operational management team, including the Managing Director.
Key stakeholders
The stakeholders are identified in the Mapei UK Integrated Management System. Mapei (UK) Limited has developed and implemented an integrated Quality, Environmental and Occupational Health & Safety Management System, which uses ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 as framework for our organization to document and improve our operational practices in order to better satisfy the needs and expectations of our workers, customers, suppliers, stakeholders and interested parties.
The key stakeholders are defined as groups who may be affected by our organisation's activities. These are consumers, regulators, suppliers, shareholders, and community.
Customers and suppliers
The company is part of a group of global companies that manufactures and distributes adhesives, sealants and chemical products for the building industry. Mapei meets the needs of our customers with the most comprehensive offer in the world of products for the building sector. We are committed to using the best raw materials and employing the most qualified personnel so that we can always offer the best products possible.
Suppliers are fundamental to the company, and our dedicated teams of purchasing managers specialise in ensuring the supply and quality of materials is maintained. We have an integrated quality, environmental and occupational health and safety management system, as a framework to monitor and improve our relationships with customers and suppliers.
The code of ethics, covering anti-bribery, corruption, and third party business relationships, along with other topics, and the modern slavery statement are published on the corporate website.
Our people
The Company believes that people with health conditions must have full and fair consideration for all vacancies. For those employees in the workforce, whose health condition changes during employment, the Company will arrange appropriate retraining and adjust employees' environments where possible, to allow them to maximise their potential and to continue to work for the company.
The company engages with employees with a monthly “employee communication” email. This is sent to all employees and displayed on notice boards. This communication covers topics such as health and safety, sales, production, HR updates and financial performance.
Community and environment
The Company's approach is to support positive changes in the people and communities with which we interact. This includes the company sponsoring the local football team, as an example of giving back to the community. The company is ISO 14001:2015 (environmental) certified, which shows the importance of reduction of waste, and improved environmental impact, which are valued by directors. This is in line with the Corporate social responsibility strategy. Updated regulations for the Extended Producer Responsibility (EPR) legislation, require the company to record and report information for the amount of packaging we supply, with fees payable from April 2025; we are actively engaging with the new regulations across all company activities.
Culture and values
The Directors recognise the importance of having the right corporate culture. The management creates this by leading by example and being role models for our employees. Our long-term success depends on achieving our strategic goals in an ethical way, so that we safeguard the best interests of our people, customers, suppliers and other stakeholders. The company's values are in alignment with the values published on the Mapei Group website. The company is ISO 45001:2018 (occupation health and safety) certified.
Risk management
As our business grows, our risk environment also becomes more complex. The directors will continue to effectively identify, evaluate, manage and mitigate the risks we face. The company maintains, and regularly reviews, a Risk and Opportunities register. This then forms part of local management meetings where new risks are discussed and mitigations have been put in place as necessary.
Principal decisions in the year
As part of the company’s strategy to grow the business, following the acquisition of Lectros / Wykamol in September 2024, the decision was made to hive up the trade and assets on 31 January 2025 : see note 12.
No Dividend was paid in 2025 to facilitate the reduction of the cash pooling borrowings for the prior year acquisition.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 13.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The Company is committed to being a responsible business. Our behaviour supports our people, customers, suppliers, communities and society as a whole. People are at the centre of our business. For our business to succeed we manage our people's performance, and develop and foster talent, whist maintaining an efficient operation. We also promote common values that inform and guide our behaviour so that our goals are achieved in the correct and most ethical way.
Our strategy prioritises organic growth, by expanding the product ranges and applications. In order to succeed, we continuously strive to maintain strong customer relationships. We seek feedback from our customers regarding the products and service level that they require. We value our suppliers and seek to build long term relationships with our key suppliers, by being a reliable partner. The company is ISO 9001 2015 (Quality Management system) accredited.
In accordance with the company's articles, a resolution proposing that Ernst & Young LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of carbon emissions compliant with UK legislation set out in the Streamlined Energy and Carbon Reporting (SECR), 21 January 2021 covering energy use and associated greenhouse gas emissions relating to gas, electricity and transport, intensity ratios and energy efficiency actions.
ESOS methodology (as specified in Complying with the Energy Savings Opportunity Scheme version 6, published by the Environment Agency, 21.01.21) used in conjunction with Government GHG reporting conversion factors.
For carbon only related matters, the SECR methodology as specified in "Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting and greenhouse gas reporting" was used in conjunction with Government GHG reporting conversion factors.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/850130/Env-reporting-guidance_inc_SECR_31March.pdf
The calculations have been approved by a PAS51215 compliant body.
Intensity ratios calculated using kg CO2e per tonne produced and kg CO2e per sqft.
We are committed to responsible carbon management and will practise energy efficiency throughout our organisation, wherever it’s cost effective. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.
We have implemented the policies below for the purpose of increasing the businesses energy efficiency in the relevant financial year.
Update Inefficient Forms of Lighting
Implementation date for the measure - April 2025 - project completed October 2025
Estimated energy savings between 6 December 2023 and 5 December 2027 = 283,959 kWh
The above figures include consumption of the Wykamol Group sites, which joined Mapei 1st February 2025
The annual electricity consumption in 2025 increased by 6% compared to 2024
Gas consumption reduced by 10% in 2025 due to the warmer seasonal weather.
Transport fuel energy consumption stayed broadly in line with 2024 consumption. No changes to transport fleet.
The carbon intensity ratio has decreased from 11.87 CO2e per tonne produced in 2024 to 10.87 CO2e per tonne produced in 2025.. The ratio based on kg CO2e per sqft has decreased from 4.9 in 2024 to 4.0 in 2025. Operations Sites have remained constant through 2024 & 2025.
The Company is expected to continue to be profitable and generate positive cash flows for the foreseeable future. The Company has a net asset of £41.1m and a cash balance of £6.8m at year end. During the year, the company has made payments to the cash pooling facility, extended by Mapei S.p.A., to repay borrowings for the purchase of Wykamol Group. The balance payable under the cash pooling balance has decreased from £6.8m as at 31 December 2024 to c£2.0m at 31 December 2025. The Company has prepared budgets until June 2027. These forecasts indicate that the Company is expected to continue to be profitable and cash generative
Whilst the Company has forecast no significant additional funding requirements during the review period, given the Company participates in the Group cash pooling arrangement (disclosed as an intercompany balance), the company is reliant on the support from Mapei group. Accordingly, the directors have obtained a letter of support, from the parent company Mapei S.p.A. confirming that the parent will assist the company in meeting liabilities as they fall due, to the extent that money is not otherwise available to meet such liabilities for a period of 12 months from the date of approval of these financial statements.
Based on the enquiries the Directors have made regarding future forecasts and available funding of Mapei group, the Directors believe that the Group has the ability to provide the support to meet the Company’s needs over the period of 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.
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), including Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”). 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 with section 10 of FRS 102 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
state whether applicable UK Accounting Standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
provide additional disclosures when compliance with the specific requirements in FRS 102 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the company financial position and financial performance;
prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will not 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 company’s 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.
Under applicable law and regulations, the directors are also responsible for preparing a strategic report, directors’ report, that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website.
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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
We have audited the financial statements of Mapei (UK) Limited for the year ended 31 December 2025 which comprise Statement of Comprehensive Income, Statement of Financial Position, the Statement of changes in equity and the related notes 1 to 25, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 12 months from the date of approval of this financial statements.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.
Other information
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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and directors’ report have been prepared in accordance with applicable legal requirements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those relating to the reporting framework (FRS 102 and the Companies Act 2006) and compliance with United Kingdom direct and indirect tax regulation. In addition, the Company must comply with laws and regulations relating to its operations, including health and safety regulations, competition laws, environmental regulations and GDPR.
We understood how Mapei (UK) Limited is complying with those frameworks by making enquiries of senior finance personnel and those charged with governance and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by having internal team conversations, meetings with management and those charged with governance. We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud and gained an understanding as to how those procedures and controls are implemented and monitored. We determined there to be a risk of management override in relation to the posting of non-standard manual journals in respect of revenue, and the estimates inherent in respect of the rebate calculations. To address the risk of management override, we have used data analytics and obtained the entire population of journals for the year and identified specific transactions for further investigation based on certain criteria. We understood the transactions identified for testing and agreed them to source documentation. With respect to rebates, we performed substantive procedures to gain assurance over the balance, which included agreement to rebate contracts, vouching the appropriateness of assumptions made and/or confirming amounts settled pre and post year-end.
Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved obtaining and reading board and management meeting minutes and relevant approval documents, enquiries of senior finance personnel and those charged with governance and agreement of samples of transactions throughout the audit to supporting source documentation
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://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.
The income statement has been prepared on the basis that all operations are continuing operations.
Mapei (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mapei House, Steel Park Road, Halesowen, West Midlands, B62 8HD.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
Section 33 ‘Related Party Disclosures’: Disclosure of transactions with other wholly owned group companies.
The financial statements of the company are consolidated in the financial statements of Mapei SpA, whose address is Via Cafiero, 22-50158, Milan, Italy.
On 1 February 2025 the Company completed the hive-up of it's subsidiary companies, Wykamol Group Limited and Lectros International Limited.
The company has applied business combination accounting principles. The identifiable assets and liabilities of the subsidiaries have been recognised by the Company at their carrying amounts immediately prior to the hive‑up. Goodwill has been recognised where the carrying amount of the Company’s investment exceeded the fair value of the net assets acquired. As required, the goodwill recognised reflects the values arising from the original acquisition of the subsidiary rather than from the hive‑up transaction itself.
The consideration for the business was satisfied through the reduction of the Company’s investment in the subsidiaries and the elimination of intercompany balances. Any resulting difference arising on settlement has been recognised within equity.
Freehold land and assets in the course of construction are not depreciated. When the asset is fully commissioned and has commenced use, the asset under construction is transferred to the appropriate asset class and depreciation commences at the rate (as set out above) appropriate to that asset class.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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, 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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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 related to the inventory and dilapidation provision, 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 average monthly number of persons (excluding directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).
Two of the directors are remunerated by other group companies. There has been no allocation of their fees to the company as the role of director is incidental to their group roles.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of tax as follows:
On 20 June 2023, the UK Finance Bill was substantively enacted in the UK, including legislation to implement the OECD Pillar two income taxes for periods beginning on or after 31 December 2023. The company has applied the mandatory exception in Amendments to FRS 102 issued in July 2023 and has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar Two. No current tax adjustments are required in the current year.
Included above, is freehold land costing £1,499,549 which is not depreciated (2024: £1,499,549).
Details of the company's subsidiaries at 31 December 2025 are as follows:
The ‘Amounts owed by group undertakings’ includes a balance of £nil (2024: nil) owed by the parent company under a cash pooling arrangement. Interest is charged on this balance based on bank base rates. The remainder of the balance relate to intergroup trade and are not interest bearing and are repayable on demand.
The ‘Amounts owed to group undertakings’ includes a balance of £2,062,640 (2024: £6,808,330) owed to the parent company under a cash pooling arrangement. Interest is charged on this balance based on bank base rates. The remainder of the balances relate to intergroup trade and are not interest bearing and are repayable on demand.
The following are the major deferred tax liabilities recognised by the company and movements thereon:
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
At the end of 2025 there are overpaid pension contributions to the defined contribution scheme of £nil (2024: £nil).
The profit and loss reserve represents cumulative profits or losses net of dividends paid and other adjustments.
Guarantee information
In December 2023, Mapei S.p.A. executed a financing transaction with a pool of financial institutions for a total amount of approximately €405m (£351m). This operation aims to cover the financial needs arising from investments and potential acquisitions to be carried out by companies within the Mapei Group.
The Company is included in the list of guarantor companies for the financing arrangement.
The total level of borrowings under this arrangement at the end of 31 December 2025 has been disclosed in the Mapei S.p.A financial statements for the year ended 31 December 2025.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
In December 2025, we committed to the lease of £13.06m for a new warehousing facility for the period of 7 years.