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Registered number: 02414292 OXERRA UK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
01483 755 399 hamlyns.com
OXERRA UK LIMITED COMPANY INFORMATION
Directors | Kwan Ping David Yu
| Kwan Yau Yu
| Timothy Southgate
Registered number | 02414292
Registered office | Liverpool Road East
| Kidsgrove
| Stoke-On-Trent
| ST7 3AA
Independent auditors | Hamlyns Limited
| Chartered Accountants & Statutory Auditors
| Sundial House
| High Street
| Horsell
| Woking
| GU21 4SU
OXERRA UK LIMITED CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditors' Report | 4 - 7
Statement of Income and Retained Earnings | 8
Balance Sheet | 9
Statement of Cash Flows | 10
Analysis of Net Debt | 11
Notes to the Financial Statements | 12 - 26
OXERRA UK LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The company imports and distributes inorganic colour pigments for use in the construction and CPS (coatings, plastics & specialities) markets in addition to distributing the inorganic pigments and liquid colorants manufactured by Oxerra Pigments UK Limited.
Business review
The company made a profit after taxation of £1,428k (2024: £854k). Turnover has remained consistent whilst margins have improved as the business continues to streamline following the acquisition of Venator Pigments. Net assets at 31 December 2025 were £4,727k (2024: £3,299k), the increase being as a result of the profit made by the company in the year. Trade Debtors have increased by £977k to £4,599k as a result of timing of purchases from larger accounts towards the end of the year. Trade creditors have increased by £22k to £140k. Development and performance Oxerra UK’s sales in 2025 continued to be robust across all key market sectors with the company maintaining a strong position in the Construction, Coatings, Plastics and Specialities Industries. The company continues to diversify and expand its product portfolio via the introduction of new product ranges available from the OXERRA Groups Global production site network.
Principal risks and uncertainties
The company's principal financial assets are accounts receivable balances from customers and amounts due from fellow group undertakings. The company has policies and procedures in place to limit the risks associated with non payment of customer receipts. 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 sells in foreign currencies and is therefore exposed to some foreign exchange risk; this risk is partially mitigated through purchases in foreign currencies and foreign currency exchange at a group level.
Financial key performance indicators
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 KPI's as a measure of its performance and position: 2025 2024 Change £'000 £'000 % Revenues 29,129 29,125 0% Operating Profit 1,310 970 35% Profit After Tax 1,428 854 67% Equity Shareholders' Funds 4,727 3,299 43% This report was approved by the board on 22 May 2026 and signed on its behalf.
___________________________ Timothy Southgate Director
Page 1
OXERRA 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.
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; ∙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.
Principal activity
The principal activity of the company in the year under review remained that of the import and export of synthetic iron oxides, organic pigments and food dyes.
Results and dividends
The profit for the year, after taxation, amounted to £1,428,155 (2024 - £853,785).
Directors
The Directors who served during the year were:
Kwan Ping David Yu
Kwan Yau Yu
Timothy Southgate
Disclosure of information to auditors
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 auditors are 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 auditors are aware of that information. Page 2
OXERRA UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditors
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 22 May 2026 and signed on its behalf.
___________________________ Timothy Southgate Director
Page 3
OXERRA UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA UK LIMITED
Opinion
We have audited the financial statements of Oxerra 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 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 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 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 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 UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA UK 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 2, 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 5
OXERRA UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA UK LIMITED (CONTINUED)
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 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. 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. 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 UK LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OXERRA UK LIMITED (CONTINUED)
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 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. Oliver Spevack ACA FCCA (Senior Statutory Auditor) for and on behalf of Hamlyns Limited Chartered Accountants Statutory Auditors Sundial House High Street Horsell Woking GU21 4SU 27 May 2026 Page 7
OXERRA UK LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 29,128,665 | 29,125,442
Cost of sales |  | (25,970,448) | (26,502,773)
Gross profit |  | 3,158,217 | 2,622,669
Distribution costs |  | (765,451) | (772,921)
Administrative expenses |  | (1,201,049) | (981,088)
Other operating income | 5 | 556,219 | 388,285
Other operating charges |  | (437,587) | (287,201)
Operating profit | 6 | 1,310,349 | 969,744
Interest receivable and similar income | 10 | - | (20)
Profit before tax |  | 1,310,349 | 969,724
Tax on profit | 11 | 117,806 | (115,939)
Profit after tax |  | 1,428,155 | 853,785
Retained earnings at the beginning of the year |  | 3,086,049 | 2,232,264
|  | 3,086,049 | 2,232,264
Profit for the year |  | 1,428,155 | 853,785
Retained earnings at the end of the year |  | 4,514,204 | 3,086,049
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 12 to 26 form part of these financial statements.
Page 8
OXERRA UK LIMITED REGISTERED NUMBER: 02414292 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 10 |  | 316
|  |  | 10 |  | 316
Current assets |  |  |  |  |
Stocks | 15 | 8,483,244 |  | 9,068,918 |
Debtors: amounts falling due within one year | 16 | 6,923,748 |  | 7,112,054 |
Cash at bank and in hand | 17 | 2,291,859 |  | 929,737 |
|  | 17,698,851 |  | 17,110,709 |
Creditors: amounts falling due within one year | 18 | (12,972,080) |  | (13,812,399) |
Net current assets |  |  | 4,726,771 |  | 3,298,310
Total assets less current liabilities |  |  | 4,726,781 |  | 3,298,626
Net assets |  |  | 4,726,781 |  | 3,298,626
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 212,577 |  | 212,577
Profit and loss account | 21 |  | 4,514,204 |  | 3,086,049
|  |  | 4,726,781 |  | 3,298,626
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.
___________________________ Timothy Southgate
Director
The notes on pages 12 to 26 form part of these financial statements. Page 9
OXERRA UK LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,428,155 | 853,785
Adjustments for: |  |
Depreciation of tangible assets | 306 | 1,154
Interest received | - | 20
Taxation charge / (credit) | (117,806) | 115,939
Decrease/(increase) in stocks | 585,675 | (3,122,404)
(Increase)/decrease in debtors | (1,003,475) | 628,488
Decrease/(increase) in amounts owed by group undertakings | 1,326,072 | (1,234,051)
Increase/(decrease) in creditors | 254,520 | (298,796)
(Decrease)/increase in amounts owed to group undertakings | (1,080,242) | 2,753,732
Corporation tax (paid) | (31,083) | (129,160)
Net cash generated from operating activities | 1,362,122 | (431,293)
Cash flows from investing activities |  |
Interest received | - | (20)
Net cash from investing activities | - | (20)
Net increase/(decrease) in cash and cash equivalents | 1,362,122 | (431,313)
Cash and cash equivalents at beginning of year | 929,737 | 1,361,050
Cash and cash equivalents at the end of year | 2,291,859 | 929,737
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,291,859 | 929,737
| 2,291,859 | 929,737
The notes on pages 12 to 26 form part of these financial statements.
Page 10
OXERRA UK LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2025
| At 1 January 2025 | Cash flows | At 31 December 2025
| £ | £ | £
Cash at bank and in hand | 929,737 | 1,362,122 | 2,291,859
| 929,737 | 1,362,122 | 2,291,859
The notes on pages 12 to 26 form part of these financial statements.
Page 11
OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Oxerra 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: 02414292 Registered office address: Liverpool Road East, Kidsgrove, Stoke-On-Trent, England, ST7 3AA 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 | Going concern
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 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 product ranges across all market sectors continues to be strong and has been further strengthened by the addition of new product ranges from the Oxerra Group's various global production sites which continue to innovate new products via both well established and new manufacturing technologies. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements. Page 12
OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is Pound Sterling. 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.
| 2.4 | 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Pensions
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 the Statement of Comprehensive Income 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. Page 13
OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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. The recognition of deferred tax assets is based on forecasts of future taxable profit. The measurement of future taxable profit for the purpose of determining whether or not to recognise deferred tax assets depends on many factors, including the company's ability to generate such profits and the implementation of effective tax planning strategies. The occurrence or non-occurence of such events in the future may lead to significant changes in the measurement of deferred tax assets.
| 2.8 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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. Computer software is being amortised evenly over its estimated useful life of five years. Page 14
OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | 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. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. 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:
|  |  |  | Plant and machinery | - | Straight line over 3-4 years
|  |  |  | Office equipment | - | Straight line over 3-4 years
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.
| 2.10 | Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | 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. Page 15
OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.13 | 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. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.14 | 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.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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. Other financial assets Page 16
OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. 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. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement Page 17
OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Companys accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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 parent company Financial Statements.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover | 29,128,665 | 29,125,442
|  | 29,128,665 | 29,125,442
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OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Foreign exchange difference - gain | 556,219 | 388,285
|  | 556,219 | 388,285
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (118,632) | (101,084)
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 20,800 | 19,800
8. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 123,557 | 236,267
| Social security costs | 14,006 | 32,368
| Cost of defined contribution scheme | 5,284 | 15,461
|  | 142,847 | 284,096
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Average number of employees (the Company recharged staff costs of 2 employees against the parent company this year) | 5 | 5
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OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 132,625 | 129,762
|  | 132,625 | 129,762
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | - | (20)
|  | - | (20)
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | (117,806) | 115,939
|  | (117,806) | 115,939
| Total current tax | (117,806) | 115,939
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OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,310,349 | 969,723
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 327,587 | 242,431
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 76 | 169
| Capital allowances for year in excess of depreciation | (560) | (395)
| Prior year differences leading to a decrease in the tax charge | (117,806) | (100)
| Group relief | (327,103) | (126,166)
| Total tax charge / (credit) for the year | (117,806) | 115,939
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 21
OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2025 | 33,925
| At 31 December 2025 | 33,925
| Amortisation |
| At 1 January 2025 | 33,925
| At 31 December 2025 | 33,925
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
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OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Plant and machinery | Office equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 6,400 | 5,415 | 11,815
| At 31 December 2025 | 6,400 | 5,415 | 11,815
| Depreciation |  |  |
| At 1 January 2025 | 6,400 | 5,099 | 11,499
| Charge for the year on owned assets | - | 306 | 306
| At 31 December 2025 | 6,400 | 5,405 | 11,805
| Net book value |  |  |
| At 31 December 2025 | - | 10 | 10
| At 31 December 2024 | - | 316 | 316
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OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 75,300
| At 31 December 2025 | 75,300
| Impairment |
| At 1 January 2025 | 75,300
| At 31 December 2025 | 75,300
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
| The investment relates to a 100% shareholding in a subsidiary.
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 8,483,244 | 9,068,918
|  | 8,483,244 | 9,068,918
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 4,598,815 | 3,622,153
| Amounts owed by group undertakings | 2,144,705 | 3,470,777
| Corporation tax recoverable | 134,291 | -
| Prepayments and accrued income | 42,233 | 15,420
| Deferred taxation | 3,704 | 3,704
|  | 6,923,748 | 7,112,054
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OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,291,859 | 929,737
|  | 2,291,859 | 929,737
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 140,331 | 118,428
| Amounts owed to group undertakings | 12,352,215 | 13,432,455
| Corporation tax payable | - | 14,600
| Other taxation and social security | 359,200 | 77,489
| Other creditors | 41,524 | 14,808
| Accruals and deferred income | 78,810 | 154,619
|  | 12,972,080 | 13,812,399
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 3,704
| At end of year | 3,704
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 3,704 | 3,704
|  | 3,704 | 3,704
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OXERRA UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 212,577 (2024 - 212,577) Ordinary Shares shares of £1.00 each | 212,577 | 212,577
21. | Reserves
Profit and loss account Reserves as at 1 January 2025 were £3,086,049. The profit for the year is £1,428,155 resulting in reserves as at 31 December 2025 being £4,514,204.
22. | Contingent liabilities
At 31 December 2025 the company had given a guarantee to HM Revenue & Customs in respect of duty deferment to the sum of £Nil (2024: £100,000).
23. | Pension commitments
Pension commitments at the year end were £5,416 (2024: £15,461).
24. | Ultimate Controlling party
The ultimate parent undertaking as at the year end was Cathay Pigments Holdings Limited, a company incorporated in the British Virgin Islands. The registered business address is Suite 901A, 9/F, China Chem Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. The smallest and largest group preparing consolidated accounts including the results of Oxerra UK Limited is Cathay Pigments Holdings Limited.
25. | Related party transactions
The Company made purchases of £430,675 (2024: £268,615) from its parent company and owed £1,707,542 (2024: £1,410,772) to its parent company at the year end. The Company made sales totalling £1,771,529 (2024: £9,409,872) and purchases of £1,812,799 (2024: £10,315,944) to fellow subsidiaries during the year. The Company owed £12,512,008 (2024: £13,432,456) to fellow subsidiaries as at the year end.
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