Company registration number 01350189 (England and Wales)
SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
Affinia
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
CONTENTS
Page
Statement of financial position
2
Notes to the financial statements
4 - 10
SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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.

SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,215,855
2,048,429
Current assets
Stocks
1,090,920
1,256,633
Debtors
5
2,114,034
2,121,376
Cash at bank and in hand
595,696
1,078,727
3,800,650
4,456,736
Creditors: amounts falling due within one year
6
(1,312,376)
(2,417,342)
Net current assets
2,488,274
2,039,394
Total assets less current liabilities
4,704,129
4,087,823
Provisions for liabilities
7
(685,654)
(715,506)
Net assets
4,018,475
3,372,317
Capital and reserves
Called up share capital
2,205
2,205
Revaluation reserve
1,746,373
1,814,694
Profit and loss reserves
2,269,897
1,555,418
Total equity
4,018,475
3,372,317

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 June 2026 and are signed on its behalf by:
Mr L B O Verheyden
Director
Company registration number 01350189 (England and Wales)
SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
2,205
1,966,595
2,649,935
4,618,735
Year ended 31 December 2024:
Profit for the year
-
-
1,007,341
1,007,341
Other comprehensive income:
Tax relating to other comprehensive income
-
(53,759)
-
0
(53,759)
Total comprehensive income for the year
-
(53,759)
1,007,341
953,582
Dividends
-
-
(2,200,000)
(2,200,000)
Transfers
-
(98,142)
98,142
-
Balance at 31 December 2024
2,205
1,814,694
1,555,418
3,372,317
Year ended 31 December 2025:
Profit for the year
-
-
646,158
646,158
Other comprehensive income:
Tax relating to other comprehensive income
-
16,471
-
0
16,471
Total comprehensive income for the year
-
16,471
646,158
662,629
Transfers
-
(84,792)
68,321
(16,471)
Balance at 31 December 2025
2,205
1,746,373
2,269,897
4,018,475
SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
1
Accounting policies
Company information

Soprema UK Bitumen Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lady Lane Industrial Estate, Hadleigh, Ipswich, England, IP7 6BA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Going concern

In accordance with their statutory responsibilities as directors, the directors have considered the appropriateness of the going concern principle for the preparation of the financial statements.true

At the balance sheet date the company is in a net current asset position of £2,488,274 (2024 net asset position: £2,039,394) which includes £25,795 (2024: £NIL) due from the parent company Holding Soprema S.A which has confirmed in writing will not be recalled until the company is in a position to do so.

Managements adoption of the going concern basis relies upon several judgements those being; the continued support from the parent company in France and the anticipated efficiencies of a UK group restructure and streamline of operations delivering the forecasted savings.

The company has restructured post year end with movement of operations and the consolidation of brands to strengthen the Soprema brand within the market and generate further revenue growth in the future.

The directors have concluded that the Soprema UK Companies, on a group basis; have adequate resources to continue to meet their liabilities as they fall due for the foreseeable future and for a period of at least 12 months from the date of signing these financial statements. Thus, the directors continue to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -

Turnover from the sale of bituminous roofing products is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rebates

The Company participates in rebate arrangements with certain customers whereby rebates are calculated based on the agreed volume of goods purchased or other performance criteria specified in the underlying agreements. Rebates are recognised as a reduction in revenue in accordance with the terms of the arrangements.

Rebates are accrued throughout the year based on the Company’s best estimate of the amounts expected to be payable to customers under these agreements. The estimation process takes into account historical settlement trends, current trading performance and the terms of each contract. Accrued rebates are recorded within trade and other payables.

Where rebate amounts remain subject to final confirmation at the reporting date, the Company reassesses the estimates based on the most recent information available. Any differences between estimated and actual settlements are recognised in the period in which they are identified.

Management considers the rebate arrangements to be consistent with normal commercial practice. No other significant obligations arise from these agreements beyond the rebate liabilities recognised at the reporting date.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
5-10%
Fixtures and fittings
10-25%
Computer equipment
25%
Motor vehicles
25-33%

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.

Plant and Machinery is the only class of asset that is held at valuation. Excess depreciation charged on revalued assets, above the historic cost depreciation, is transferred from retained earnings to the revaluation reserve each year

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -

Stock is valued according to the last recorded price (price of the last order received), which is equivalent to the FIFO method, given the quick stock turnover.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents is represented by cash in hand repayable without penalty or notice of not more than 24 hours.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 7 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In preparing these financial statements, the directors have considered the requirement for any provision for impairment in respect of stock held at the balance sheet date. To identify any impairment, the client reviews items which have not been used or sold in the past year and items where the consumption period of the stock is less than one pallet per month.

The directors have also considered the requirement for any provision for dilapidations in respect of the lease of property held at the balance sheet date. These are measured based on recent valuations of cost expected to be incurred in relation to returning the property to its original state.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going Concern

The directors are satisfied that the company is operating as a going concern and will continue for the foreseeable future.

In making their judgement, the directors have prepared a detailed business plan and rolling cash flow forecasts and in conjunction with the company's resources and obligations, have concluded that the company will be able to meet its liabilities as they fall due for the foreseeable future.

SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
23
28
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2025
2,210,681
317,496
161,621
138,870
2,828,668
Additions
329,873
-
0
7,233
-
0
337,106
Disposals
-
0
(9,274)
(94,621)
(81,071)
(184,966)
At 31 December 2025
2,540,554
308,222
74,233
57,799
2,980,808
Depreciation and impairment
At 1 January 2025
259,494
301,827
104,130
114,788
780,239
Depreciation charged in the year
115,706
14,550
18,147
15,041
163,444
Eliminated in respect of disposals
-
0
(9,274)
(94,305)
(75,151)
(178,730)
At 31 December 2025
375,200
307,103
27,972
54,678
764,953
Carrying amount
At 31 December 2025
2,165,354
1,119
46,261
3,121
2,215,855
At 31 December 2024
1,951,187
15,669
57,491
24,082
2,048,429

Plant and Machinery w as first revalued at 30 November 2019 by management based on a replacement cost approach.

At 31 December 2025 management have reviewed the value of assets held and confirmed the current valuation remains in line with market value based on a further valuation which took place in 2022.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Plant & Machinery
2025
2024
£
£
Cost
1,643,770
1,643,770
Accumulated depreciation
(1,452,297)
(1,423,380)
Carrying value
191,473
220,390
SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,499,480
1,640,835
Corporation tax recoverable
381,879
-
0
Other debtors
232,675
480,541
2,114,034
2,121,376
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
485
-
0
Trade creditors
630,171
309,378
Corporation tax
-
0
143,983
Other taxation and social security
272,649
150,321
Other creditors
409,071
1,813,660
1,312,376
2,417,342
7
Provisions for liabilities
2025
2024
£
£
Dilapidation provision
518,122
511,305
Deferred tax liabilities
167,532
204,201
685,654
715,506

The dilapidations provisions are in respect of the building that is currently rented by Soprema UK Bitumen Limited (Formerly Chesterfelt Limited).

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.

Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
Affinia (Colchester)
Date of audit report:
8 June 2026
9
Operating lease commitments
As lessee
SOPREMA UK BITUMEN LIMITED
(FORMERLY CHESTERFELT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Operating lease commitments
(Continued)
- 10 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
106,298
37,141
10
Events after the reporting date

Effective from 1 January 2026, the nature of the Company’s operations has undergone a significant change. Following this date, the business transitioned from its previous trading activities to become primarily a manufacturing-focused entity. As part of this change, the majority of the Company’s sales are now made to a connected company, Soprema UK Limited (Company No. 02939363). Future external sales are expected to be presented predominantly within this entity, although a level of residual sales will continue to be recognised in the Company.

Due to this shift in the Company’s business processes and operating model, the financial statements for periods subsequent to the reporting date are not directly comparable with the results of the current reporting period.

11
Related party transactions

The company has taken the exemption under paragraph 33.1A of FRS 102 which permits non disclosure of transactions that have taken place between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

12
Parent company

The company's immediate parent company is Soprema UK Bitumen Holdings Limited.

Soprema UK Bitumen Holdings Limited is owned by Holding Soprema SA, a company incorporated in France. The smallest group into which Soprema UK Bitumen Limited is consolidated is Holding Soprema SA.

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