Registered number: 02395270
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2025
OXERRA PIGMENTS UK LIMITED
COMPANY INFORMATION
OXERRA PIGMENTS UK LIMITED
CONTENTS
OXERRA PIGMENTS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report for the year ended 31st December 2025.
The company made a loss after taxation of £672k (2024: £345k loss). Turnover has decreased by 25% to £9,583k due to the general market conditions in the industry. Net assets at 31 December 2025 were £8,665k (2024: £9,337k), the decrease being as a result of the loss for the year. Trade Debtors have decreased by £22k to £17k as a result of all sales now going through internal companies. Trade creditors have decreased by £554k to £651k predominantly due to decreasing stock purchases.
The company's principal financial assets are accounts receivable balances from fellow group undertakings. The company holds the majority of its receivable balances with trade debtors. As a result, the directors consider that credit risk is limited. The company purchases in foreign currencies and is therefore exposed to some foreign exchange risk; this risk is partially mitigated through sales in foreign currencies and foreign currency exchange at a group level.
Development and performance
Oxerra Pigments has continued to focus on the manufacture and research & development of its core Dispersions and CICP products during 2025 bringing new products to the market and widening its international customer base via the OXERRA Groups Global sales network. The company saw a solid financial performance in 2025 with particularly strong sales in 1st half of 2025.
Development and performance
Oxerra Pigments has continued to focus on the manufacture and research & development of its core Dispersions and CICP products during 2025 bringing new products to the market and widening its international customer base via the OXERRA Groups Global sales network. The company saw a solid financial performance in 2025 with particularly strong sales in 1st half of 2025.
Oxerra's key performance indicators allow the business to measure both the financial value created for its stakeholders and the strategic value in growing the business and delivering on its purpose.
The directors consider that the company has the following financial KPIs as a measure of its performance and position:
2025 2024 Change
£'000 £'000 %
Revenues 9,583 12,700 -25%
Operating loss (672) (498) 35%
Loss after tax (672) (345) 95%
Equity shareholders' funds 8,665 9,337 -7%
2025 2024 Change
£'000 £'000 %
Revenues 9,583 12,700 -25%
Operating loss (672) (498) 35%
Loss after tax (672) (345) 95%
Equity shareholders' funds 8,665 9,337 -7%
This report was approved by the board on 26 May 2026 and signed on its behalf.
Page 1
OXERRA PIGMENTS UK 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.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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;
∙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.
The loss for the year, after taxation, amounted to £672,233 (2024 - loss £345,395).
No dividends have been recommended or paid post year end.
The Directors who served during the year were:
Page 2
OXERRA PIGMENTS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, Hamlyns Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 26 May 2026 and signed on its behalf.
Page 3
OXERRA PIGMENTS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA PIGMENTS UK LIMITED
We have audited the financial statements of Oxerra Pigments UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
OXERRA PIGMENTS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA PIGMENTS UK LIMITED (CONTINUED)
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.
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.
Page 5
OXERRA PIGMENTS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA PIGMENTS UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are the Companies Act 2006, the reporting framework of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and UK taxation legislation.
We understood how the company was complying with those frameworks through discussions with management and those charged with governance. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. Based on our understanding of the entity and its environment we identified the following areas as key risks and designed our audit approach as detailed to ensure material misstatements and irregularities would be detected in these areas:
Management over-ride:
We undertook testing of controls and systems to gain assurance these have been operating as expected during the period. We also performed journal testing to test the efficacy of journals posted during the period. Additionally, we have reviewed the disclosures in the accounts and the Directors report to ensure they agree with our findings from the audit testing carried out.
Related parties:
Our testing in this area has followed the requirements of ISA 550 (UK). We have issued the Directors with related party declarations to fill out and sign and have compared the information gathered against our knowledge and used this as one way for identifying potential related party disclosures. We have reviewed the disclosure in the financial statements and ensured this agrees with our findings from our audit work.
Revenue recognition:
The main area of risk identified with Income recognition lies with cut off and completion of income. To ensure this is not materially misstated or manipulated we have carried out substantive testing on income cut off and completion.
Stock:
The main risk area in terms of stock is stock valuation. Substantive testing will be carried out on the stock balance to ensure it is not materially misstated.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 6
OXERRA PIGMENTS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA PIGMENTS UK LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Sundial House
High Street
Horsell
Surrey
GU21 4SU
27 May 2026
Page 7
OXERRA PIGMENTS UK LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 8
OXERRA PIGMENTS UK LIMITED
REGISTERED NUMBER: 02395270
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 May 2026.
The notes on pages 12 to 24 form part of these financial statements.
Page 9
OXERRA PIGMENTS UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 10
OXERRA PIGMENTS UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 11
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Oxerra Pigments UK Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are shown below:
Registered number: 02395270
Registered address: Oxerra UK Limited, Liverpool Road East, Kidsgrove, Stoke-On-Trent, Staffordshire, England, ST7 3AA.
Registered number: 02395270
Registered address: Oxerra UK Limited, Liverpool Road East, Kidsgrove, Stoke-On-Trent, Staffordshire, England, ST7 3AA.
2.Accounting policies
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:
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The directors have gained assurances from the ultimate parent undertaking, Cathay Pigments Holdings Limited, that continued financial support will be provided.
The ultimate parent company has shown its commitment to the directors that it will provide continuous and sufficient financial resources to the company for the foreseeable future, being a period of at least twelve months from approval of these financial statements. This will ensure liabilities are met as they fall due and will enable Oxerra Pigments UK Limited to carry on its business.
The board of directors have concluded that the business will continue to demonstrate strong sales and increased levels of profitability throughout 2026.
The demand for the companies key UK manufactured product ranges (Complex Inorganic Colour Pigments & Liquid Colorants) continues to be strong and has been further strengthened by the expansion of the Oxerra Group's sales network in both the UK and key global export markets.
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
The ultimate parent company has shown its commitment to the directors that it will provide continuous and sufficient financial resources to the company for the foreseeable future, being a period of at least twelve months from approval of these financial statements. This will ensure liabilities are met as they fall due and will enable Oxerra Pigments UK Limited to carry on its business.
The board of directors have concluded that the business will continue to demonstrate strong sales and increased levels of profitability throughout 2026.
The demand for the companies key UK manufactured product ranges (Complex Inorganic Colour Pigments & Liquid Colorants) continues to be strong and has been further strengthened by the expansion of the Oxerra Group's sales network in both the UK and key global export markets.
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Page 12
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 13
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 14
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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:
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.
Page 15
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
Page 16
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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.
Page 17
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors have not made any critical accounting judgements in the process of applying the company's accounting policies, that could have a significant effect on the amounts recognised in the Financial Statements.
Analysis of turnover by country of destination:
Page 18
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 19
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 20
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 21
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 22
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Deferred tax assets in relation to fixed assets have not been recognised in 2025 as there is insufficient evidence that the assets will be recovered.
Page 23
OXERRA PIGMENTS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Capital redemption reserve
Profit and loss account
The Company operates a defined contribution scheme for all employees. The pension charge for the year of £386k (2024: £364k) represents contibutions payable by the Company to the scheme. There was no outstanding or prepaid contributions at the begining or the end of the period.
The immediate parent company is Creambay Limited, a company incorporated in England and Wales. As at 31 December 2025 the ultimate parent undertaking of Creambay Limited was Cathay Pigments Holdings Limited, a company registered in the British Virgin Islands.
The results of Oxerra Pigments UK Limited for the year ended 31 December 2025 have been consolidated in the financial statements of Cathay Pigments Holdings Limited, being the largest and smallest parent undertaking to prepare group financial statements.
The results of Oxerra Pigments UK Limited for the year ended 31 December 2025 have been consolidated in the financial statements of Cathay Pigments Holdings Limited, being the largest and smallest parent undertaking to prepare group financial statements.
Page 24