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Benvic Dugdale Limited
Registered number: 04116131
Annual report and
financial statements
For the year ended 31 December 2025
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BENVIC DUGDALE LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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BENVIC DUGDALE LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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BENVIC DUGDALE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The principal activity of the Company continued to be the manufacture of PVC compounds.
The Company has achieved an encouraging profitable result for the year to 31 December 2025.
Operating profit decreased to £4,569,828 from £4,918,003 in the previous year as a result of raw material pricing increases.
Principal risks and uncertainties
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The principal risks and uncertainties affecting the business include the following:
∙Raw material availability and prices: The Company is subject to the effects of global oil and commodity pricing. Close management of all key raw material inputs and pricing of finished goods is an essential function of our daily operations.
∙Environmental risks: The Company continues to improve its recycling activities and maintains its compliance with environmental legislation.
∙Debtors: The Company maintains strong relationships with each of its key customers and has established credit control parameters. Appropriate credit terms are agreed with all customers and these are closely managed. In addition, the Company remains a member of the Group Credit Committee, which meets monthly.
∙The effect of legislation of other regulatory activities: The Company monitors forthcoming and current legislation continuously. All appropriate measures are taken to protect the Company's intellectual property rights and to minimise the risk of infringement of third party rights.
Key areas of strategic development and performance of the business include:
∙Sales and Marketing: New and replacement business is being won continually; new markets have been developed in line with the Company's strategy, key customer relationships are monitored and fostered on a regular basis.
∙Health and safety: The Company continues to seek ways of ensuring that a safe and healthy working environment is progressively improved.
∙Environment: Consent limits continue to be met; new methods of achieving greater environmental effectiveness are continually being examined.
∙Competitive advantage: The Company focuses on areas where it has a competitive advantage including service and product range, which places it well it terms of superior long term income/cash flow growth potential.
The Company continues to offset the risk of competitive pressure through continual improvements in its customer service quality and delivery times.
To provide certainty of supply the Company sources major raw materials from multiple suppliers worldwide whenever possible. The Company's business may be affected by fluctuations in the price of key raw materials, although purchasing policies and practices seek to mitigate, where practical, such risks.
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BENVIC DUGDALE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
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The Board uses many performance indicators to monitor performance. The key indicators which are considered paramount to the operation of the business are return on capital, current ratio, stock turnover and sales per employee. These performance indicators are reviewed in detail on a monthly basis and variances investigated.
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Profit before tax/ net assets
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Current assets: current liabilities
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Sales per employee (£'000)
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Turnover/ average number of employees
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The Company plans to continue with its existing strategy for 2026. New grades will continue to be developed during the year, alongside additional BENVIC products, to add to the current product portfolio and investments in customer and staff training will be made to enhance our already strong customer support service.
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BENVIC DUGDALE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Section 172 (1) Statement
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The board of Directors of Benvic Dugdale Limited consider that both individually and together for the year ended 31 December 2025 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole and having regard to the matters set out in s172 (1)(a-f) as below:
a) The likely consequences of any decision in the long term;
b) The interests of the Company’s employees;
c) The need to foster the Company’s business relationships with suppliers, customers and others;
d) The impact of the Company’s operations on the community and the environment;
e) The desirability of the Company maintaining a reputation for high standards of business conduct; and
f) The need to act fairly between members of the Company.
The Directors make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders. The following paragraphs summarise how the Directors fulfil their duty to promote the success of the Company.
a) The likely consequences of any decision in the long term;
The directors take cognisance to the likely consequences of their decisions on the long term objectives and sustainability of the Company, its stakeholders and the community, whilst also preserving its values and culture. Costs and Investments alike are all considered or their impact on liquidity, for future investment and without prejudicing the position of other creditors. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.
b) The interests of the Company’s employees
Our employees are key so it is critical that they have the right attitude and the drive to create ideas and set high standards. The Core Values are communicated and all employees are encouraged to challenge each other supportively in maintaining them. Open and effective communication across the business is seen as key.
c) The need to foster the Company’s business relationships with suppliers, customers and others
A Win Win mentality is a key factor in building and maintaining strong and mutually beneficial business relationships, both internally and externally.
d) The impact of the Company’s operations on the community and the environment
We are proud to be part of the local and wider communities. It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community and what we can do to support it, which includes local involvement in World Earth Day.
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BENVIC DUGDALE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
e) The desirability of the Company maintaining a reputation for high standards of business conduct
All new employees undergo a full Induction programme, are provided with a New Starter Pack which documents our history, standards, equal opportunities and training programme (amongst other things). All employees have easy access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Company’s high standards of business conduct at all times. Any issues of non-compliance with any of our policies can be dealt with in confidence.
f) The need to act fairly between members of the Company
The Company aims to act with integrity and courtesy in all its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Company.
This report was approved by the board on 27 July 2026 and signed on its behalf.
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BENVIC DUGDALE 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
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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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 profit for the year, after taxation, amounted to £4,133,115 (2024 - £3,787,845).
During the year the Company has declared dividends totaling £3,000,000 (2024 - £3,000,000).
The Directors who served during the year were:
D A Outen (resigned 31 March 2025)
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BENVIC DUGDALE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.
The Directors have prepared forecasts for a period in excess of 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds, through its cash balances and available invoice financing facility to meet its liabilities as they fall due for that period.
The Directors are not aware of any material uncertainties surrounding the ongoing trade of the business and post year end trading has been pleasing. Consequently the Directors have prepared the financial statements on a going concern basis.
Greenhouse gas emissions, energy consumption and energy efficiency actions
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The Company is required to report the emissions and energy consumption for the year ended 31 December 2025. Following the location based methodology the Company’s UK consumption is as follows:
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2024 UK Consumption (MWh)
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Scope 2 Indirect emissions
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2025 UK Consumption (tCO2e)
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2024 UK Consumption (tCO2e)
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Scope 2 Indirect emissions
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Scope 3 sources account for 99.9% (2024: 100%) of the emissions during the year with a total of 186,720 tCO2 (2024: 133,803 tCO2) emitted. The intensity metrics chosen to monitor emissions are emissions in tonnes per £1,000,000 of revenue generated and per full time equivalent. Energy efficiency actions taken by the Company during the year include, refurbishment of LEV systems to maximise efficiency and reduction of energy usage, programme of LED replacement lighting and electricity usage monitoring equipment installed on each manufacturing line for evaluation purposes and improvement activities.
Matters covered in the Strategic Report
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Certain information not shown in the Directors' Report is shown in the Strategic Report instead in accordance with Section 414C(11) of the Companies Act 2006. This includes a business review, principal risks and uncertainties and future developments.
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BENVIC DUGDALE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditor
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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 auditor is 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 auditor is aware of that information.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 27 July 2026 and signed on its behalf.
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BENVIC DUGDALE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENVIC DUGDALE LIMITED
Opinion
We have audited the financial statements of Benvic Dugdale Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 ''Auditor’s responsibilities for the audit of the financial statements'' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 auditor’s 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.
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BENVIC DUGDALE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENVIC DUGDALE LIMITED
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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.
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BENVIC DUGDALE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENVIC DUGDALE LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: UK tax legislation and environmental legislation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, and the Companies Act 2006.
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BENVIC DUGDALE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENVIC DUGDALE LIMITED
In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to stock provisions, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit report
This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.
Christopher Hudson (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
27 July 2026
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BENVIC DUGDALE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Interest receivable and similar income
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Profit for the financial year
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There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.
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There was no other comprehensive income for 2025 (2024: £NIL).
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The notes on pages 15 to 32 form part of these financial statements.
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All the above figures arise from continuing activities.
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BENVIC DUGDALE LIMITED
REGISTERED NUMBER: 04116131
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 July 2026.
The notes on pages 15 to 32 form part of these financial statements.
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BENVIC DUGDALE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 15 to 32 form part of these financial statements.
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Dugdale Limited ("the Company") is a private company, limited by shares, and incorporated in England and Wales, registered number 04116131.
The registered office of the Company is Valley Mill, Sowerby Bridge, West Yorkshire, HX6 2AA.
The principal activity of the Company continued to be the manufacture and sale of PVC compounds.
2.Accounting policies
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Basis of preparation of financial statements
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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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Dugdale Compounds Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.
The Directors have prepared forecasts for a period in excess of 12 months from the date of approval of these financial statements which indicate that the Company will have sufficient funds, through its cash balances and available invoice financing facility to meet its liabilities as they fall due for that period.
The Directors are not aware of any material uncertainties surrounding the ongoing trade of the business and post year end trading has been pleasing. Consequently the Directors have prepared the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP rounded to the nearest pound.
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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
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 profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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 reporting 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 reporting date.
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.
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.
- 18 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Impairment of fixed assets
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Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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.
At each reporting 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.
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.
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Cash and cash equivalents
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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.
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.
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Provisions for liabilities
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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.
- 19 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 Statement of Financial Position 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.
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.
- 20 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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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.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
- 21 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Critical judgements in applying the Company’s accounting policies
In applying the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Directors’ judgements, estimates and assumptions are based on the most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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 revision and future periods, if the revision affects both current and future periods.
Judgements applied:
(i) Determining residual values and useful economic lives of tangible assets
Judgement is applied when determining the residual values of fixed assets. When determining the residual value, the Directors have assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
(ii) Stock provision
The Company makes provision for slow moving and obsolete stock. A fixed percentage write down is applied to stock when it reaches 6 months old, and a further write down is made when the stock is 12 months old. Specific provisions are also made for other stock lines as considered necessary by the business.
Analysis of turnover by country of destination:
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The whole of the turnover in the year relates to manufacture and sale of PVC Compounds.
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- 22 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Research and Development Expenditure Credit (RDEC)
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The operating profit is stated after charging:
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Depreciation charge in respect of owned assets
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Other operating lease rentals
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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The Company has taken the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the Parent Company.
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- 23 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Distribution and administration
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £170,327 (2024 - £222,393).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,642 (2024 - £NIL).
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- 24 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Other interest receivable from group companies
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of previous periods
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Taxation on profit on ordinary activities
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- 25 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of25% (2024 -25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect to prior periods - corporation tax
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Adjustments to tax charge in respect to prior periods - deferred tax
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Other differences leading to a decrease in the tax charge
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Total tax charge for the year
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During the period the Company was made aware that group relief was available in respect of prior periods. The availability of the group relief was not known about at the previous balance sheet date and hence not factored into the tax charge at the time of preparing the financial statements. Hence there is an adjustment in respect of prior periods totalling £523,876.
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
- 26 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Raw materials and consumables
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Finished goods and goods for resale
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There is no material difference between the replacement cost of stock and the amounts stated above.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Included in amounts due by group undertakings is £4,000,000 (2024: £3,000,000) which is unsecured, repayable on demand and has no fixed repayment date. Interest on this amount is charged at SONIA plus 2.3% per annum.
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Cash and cash equivalents
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- 28 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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A fixed and floating charge over the Company's assets existed in favour of Barclays Bank PLC at the year end.
The Company obtains working capital through a financing facility with Barclays Bank PLC. Under the terms of the financing arrangement the Company may draw down funds up to a maximum value which is a fixed proportion of its eligible trade debtors. Interest is charged on the funds drawn from the facility at 1.85% above Base Rate.
Amounts owed to group undertakings are unsecured, interest-free, repayable on demand and have no fixed repayment date.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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- 29 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Land remediation provision
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The Company continued the remediation of land at its principal trading premises in the year in line with the wider group's environmental policy. Costs of £24,223 (2024: £49,500) were incurred during the year and the Directors are satisfied that the remaining provision will adequately cover the remaining work required.
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Allotted, called up and fully paid
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1,280,000 (2024 - 1,280,000) Ordinary A shares of £1.00 each
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300,000 (2024 - 300,000) Ordinary B shares of £1.00 each
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158,000 (2024 - 158,000) Ordinary C shares of £0.10 each
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All classes of shares rank pari passu in all respects except for dividends which shall be individually declared by the Directors in respect of each class of shares.
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Share premium account
The share premium reserve represents the consideration above par value paid for shares in the Company.
Profit & loss account
The profit and loss account represent the cumulative profits and losses of the Company less dividends paid.
- 30 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
At the balance sheet date the Company had an outstanding Duty Deferment guarantee of £120,000 (2024: £120,000). There are no uncertainties in relation to the value of this guarantee.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £165,043 (2024: £184,382). Contributions totaling £NIL (2024: £NIL) were payable to the fund at the reporting date and are included in creditors.
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Later than 1 year and not later than 5 years
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- 31 -
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BENVIC DUGDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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The Company has taken advantage of the exemption available in section 33 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" related party disclosures from the requirements to disclose transactions with wholly owned group companies.
During the year the Company made trade related sales and purchases from its parent company Benvic Group S.A.S, and other connected companies.
Sales to group companies during the year amounted to £246,989 (2024: £313,075).
Purchases from group companies during the year amounted to £7,892,326 (2024: £6,884,606).
At the balance sheet date the trading balances due to related parties totaled £987,935 (2024: £1,767,687), £NIL was due from related parties (2024: £317,233). There are no guarantees or bad debt provision against these amounts. All amounts relate to trading balances hence are interest free and unsecured.
At the balance sheet date an amount totaling £630,098 was owed to the immediate parent company (2024: £765,935). This amount is unsecured, interest-free, repayable on demand and has no fixed repayment date.
At the balance sheet date, the amount owed to Vynova Runcorn was £563,174 (2024: £NIL), relating to group relief.
At the balance sheet date the amount owed by Benvic S.A.S was £4,000,000 (2024: £3,000,000) interest was received on this loan of £254,625 (2024: £161,313). This amount is unsecured, repayable on demand and has no fixed repayment date. Interest is payable on this amount at SONIA plus 2.3%.
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The immediate parent is Dugdale Compounds Limited, of Valley Mill, Sowerby Bridge, HX6 2AA, which is registered in England and Wales. The smallest group into which the Group's results are consolidated is Dugdale Compounds Limited.
The largest group into which the Company’s results are consolidated is ICI Group GmbH, which are prepared in accordance with the IAS/IFRS regulations of the IASB. The registered office of ICI Group GmbH is Frankfurt am Main, Germany. The consolidated financial statements of ICI Group GmbH for the financial year ended 31 December 2025 will be available at the company register (Unternehmensregister), Germany.
The Directors do not consider there to be an ultimate controlling party.
- 32 -
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