Caseware UK (AP4) 2025.0.111 2025.0.111 13 true true true true 15 2024-12-01 false Wholesaler of chemicals true false false 01934652 2024-12-01 2025-11-30 01934652 2023-12-01 2024-11-30 01934652 2025-11-30 01934652 2024-11-30 01934652 2023-12-01 01934652 1 2024-12-01 2025-11-30 01934652 1 2023-12-01 2024-11-30 01934652 d:CompanySecretary1 2024-12-01 2025-11-30 01934652 d:Director1 2024-12-01 2025-11-30 01934652 d:Director2 2024-12-01 2025-11-30 01934652 d:Director3 2024-12-01 2025-11-30 01934652 d:Director4 2024-12-01 2025-11-30 01934652 d:RegisteredOffice 2024-12-01 2025-11-30 01934652 e:PlantMachinery 2024-12-01 2025-11-30 01934652 e:PlantMachinery 2025-11-30 01934652 e:PlantMachinery 2024-11-30 01934652 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-12-01 2025-11-30 01934652 e:CurrentFinancialInstruments 2025-11-30 01934652 e:CurrentFinancialInstruments 2024-11-30 01934652 e:Non-currentFinancialInstruments 2025-11-30 01934652 e:Non-currentFinancialInstruments 2024-11-30 01934652 e:CurrentFinancialInstruments e:WithinOneYear 2025-11-30 01934652 e:CurrentFinancialInstruments e:WithinOneYear 2024-11-30 01934652 e:ReportableOperatingSegment1 2024-12-01 2025-11-30 01934652 e:ReportableOperatingSegment1 2023-12-01 2024-11-30 01934652 f:UnitedKingdom 2024-12-01 2025-11-30 01934652 f:UnitedKingdom 2023-12-01 2024-11-30 01934652 f:RestEuropeOutsideUK 2024-12-01 2025-11-30 01934652 f:RestEuropeOutsideUK 2023-12-01 2024-11-30 01934652 e:UKTax 2024-12-01 2025-11-30 01934652 e:UKTax 2023-12-01 2024-11-30 01934652 e:ShareCapital 2025-11-30 01934652 e:ShareCapital 2024-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2024-12-01 2025-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2025-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2024-11-30 01934652 e:RetainedEarningsAccumulatedLosses 2023-12-01 01934652 d:OrdinaryShareClass1 2024-12-01 2025-11-30 01934652 d:OrdinaryShareClass1 2025-11-30 01934652 d:OrdinaryShareClass1 2024-11-30 01934652 d:FRS102 2024-12-01 2025-11-30 01934652 d:Audited 2024-12-01 2025-11-30 01934652 d:FullAccounts 2024-12-01 2025-11-30 01934652 d:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 01934652 e:Subsidiary1 2024-12-01 2025-11-30 01934652 e:Subsidiary1 1 2024-12-01 2025-11-30 01934652 e:WithinOneYear 2025-11-30 01934652 e:WithinOneYear 2024-11-30 01934652 e:BetweenOneFiveYears 2025-11-30 01934652 e:BetweenOneFiveYears 2024-11-30 01934652 e:AcceleratedTaxDepreciationDeferredTax 2025-11-30 01934652 e:AcceleratedTaxDepreciationDeferredTax 2024-11-30 01934652 e:RetirementBenefitObligationsDeferredTax 2025-11-30 01934652 e:RetirementBenefitObligationsDeferredTax 2024-11-30 01934652 2 2024-12-01 2025-11-30 01934652 6 2024-12-01 2025-11-30 01934652 g:PoundSterling 2024-12-01 2025-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01934652 Biachem Limited Annual report and financial statements For the year ended 30 November 2025
Biachem Limited Company Information
Directors | R W H Beaumont
| S C Raven
| A W Beaumont
| K Beaumont
Company secretary | A W Beaumont
Registered number | 01934652
Registered office | Cheyne House
| 62-63 Cheapside
| EC2V 6AX
Independent auditors | Kreston Reeves Audit LLP
| Statutory Auditor
| Suite 2
| Orchard House
| Orchard Street
| Canterbury
| Kent
| CT2 8AR
Biachem Limited Contents
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of income and retained earnings | 9
Balance sheet | 10
Notes to the financial statements | 11 - 25
Biachem Limited Strategic report For the year ended 30 November 2025
Introduction
The company is engaged in chemical sales in the UK and overseas. The Directors are pleased with the overall results for 2025 considering the continued global economic uncertainty. The company is focused on steady growth of its core activities.
Business review
The credit risk is minimised by the extensive use of credit insurance and very experienced credit management. The company has some exposure to foreign currency, but the risk is reduced by use of forward currency contracts. The company results were as follows: Turnover - £19.3m (2024: £18.3m) Profit before tax - £3.9m (2024: £3.4m)
Principal risks and uncertainties
The principal risk to the company is the declining manufacturing sector in the UK economy but the sales remain strong in a competitive market. Foreign currency risk The company has exposure to foreign currencies; Euros, US dollars and Chinese Yuan but the risk is hedged with FX contracts. Credit, Cash flow and liquidity risk The company’s credit risk is well spread and the liquidity remains very strong. The relatively high cash balances are earmarked for future expansion through acquisition. The company's operations are conducted so they comply with all legal requirements such as environmental and health and safety legislation.
Financial key performance indicators
To help monitor the company’s performance the following KPIs are used: Page 1
Biachem Limited Strategic report (continued) For the year ended 30 November 2025
Analysis of performance during the year
Turnover in 2025 increased by 5% over the previous year to £19.3m, the balance of exports to home trade remained similar. The profit before tax of £3.9m increased by 15% on 2024. The Balance sheet on page 10 shows that the company’s financial position remains strong. Future developments The company has a very positive cash flow and intends to expand with new products and through acquisition. This report was approved by the board on 19 August 2026 and signed on its behalf.
A W Beaumont Director
Page 2
Biachem Limited Directors' report For the year ended 30 November 2025 The directors present their report and the financial statements for the year ended 30 November 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 judgements 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.
Results and dividends
The profit for the year, after taxation, amounted to £2,920,705 (2024 - £2,558,229). During the year, the company paid dividends totalling £354,265 (2024 - £100,000).
Directors
The directors who served during the year were:
R W H Beaumont
S C Raven
A W Beaumont
K Beaumont
Matters covered in the Strategic report
To comply with the Companies Act 2006, the Company provides in the Strategic Report a review of the development and performance of the Company during the year, including key performance indicators, a description of the principal risks and uncertainties facing the Company, and future developments. Page 3
Biachem Limited Directors' report (continued) For the year ended 30 November 2025
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.
Auditors
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025. Under section 487(2) of the Companies Act 2006, Kreston Reeves Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 19 August 2026 and signed on its behalf.
R W H Beaumont Director
Page 4
Biachem Limited Independent auditors' report to the members of Biachem Limited
Opinion
We have audited the financial statements of Biachem Limited (the 'Company') for the year ended 30 November 2025, which comprise the Statement of income and retained earnings, the Balance sheet 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 30 November 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 5
Biachem Limited Independent auditors' report to the members of Biachem 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 3, 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 6
Biachem Limited Independent auditors' report to the members of Biachem 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: Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation, and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated 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 inappropriate journal entries to manipulate levels of reported revenue and/or expenditure. Audit procedures performed by the company engagement team included: ∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud, and review of the reports made by management; and ∙Discussions with management and specific consideration of the safeguarding of stock held at outsourced warehouses; and ∙Performing analytical procedures to identify any unusual or unexpected relationships, that may indicate risks of material misstatement due to fraud; and ∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and ∙Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 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. Page 7
Biachem Limited Independent auditors' report to the members of Biachem Limited (continued) As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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. Tracey Becker FCCA (Senior statutory auditor) for and on behalf of Kreston Reeves Audit LLP Statutory Auditor Canterbury 20 August 2026 Page 8
Biachem Limited Statement of income and retained earnings For the year ended 30 November 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 19,275,120 | 18,333,805
Cost of sales |  | (14,069,084) | (13,448,039)
Gross profit |  | 5,206,036 | 4,885,766
Administrative expenses |  | (1,870,656) | (1,977,833)
Operating profit | 5 | 3,335,380 | 2,907,933
Interest receivable and similar income | 9 | 558,775 | 503,322
Interest payable and similar expenses | 10 | - | (2,301)
Profit before tax |  | 3,894,155 | 3,408,954
Tax on profit | 11 | (973,450) | (850,725)
Profit after tax |  | 2,920,705 | 2,558,229
Retained earnings at the beginning of the year |  | 16,609,816 | 14,151,587
Profit for the year |  | 2,920,705 | 2,558,229
Dividends declared and paid |  | (354,265) | (100,000)
Retained earnings at the end of the year |  | 19,176,256 | 16,609,816
The notes on pages 11 to 25 form part of these financial statements.
Page 9
Biachem Limited Registered number: 01934652 Balance sheet As at 30 November 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 255,841 |  | 216,559
Investments | 14 |  | 100 |  | 100
|  |  | 255,941 |  | 216,659
Current assets |  |  |  |  |
Stocks | 15 | 3,219,840 |  | 2,191,363 |
Debtors: amounts falling due after more than one year | 16 | 20,000 |  | 136,800 |
Debtors: amounts falling due within one year | 16 | 4,831,284 |  | 4,468,649 |
Current asset investments | 17 | 6,589,551 |  | 4,997,408 |
Cash at bank and in hand |  | 7,842,558 |  | 6,945,692 |
|  | 22,503,233 |  | 18,739,912 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 18 | (3,432,131) |  | (2,203,107) |
Net current assets |  |  | 19,071,102 |  | 16,536,805
Total assets less current liabilities |  |  | 19,327,043 |  | 16,753,464
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 |  | (50,787) |  | (43,648)
Net assets |  |  | 19,276,256 |  | 16,709,816
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100,000 |  | 100,000
Profit and loss account | 21 |  | 19,176,256 |  | 16,609,816
|  |  | 19,276,256 |  | 16,709,816
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2026.
R W H Beaumont
Director
The notes on pages 11 to 25 form part of these financial statements. Page 10
Biachem Limited Notes to the financial statements For the year ended 30 November 2025
1. | General information
Biachem Limited is a limited liability company incorporated in England and Wales. The registration number is 01934652. The address of the registered office is Cheyne House, 62-63 Cheapside, London, EC2V 6AX The principal activity of the company was the import and distribution of chemicals. 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 judgement in applying the Company's accounting policies (see note 3). The financial statements contain information about Biachem Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by Companies Act 2006 not to produce consolidated financial statements as it is included in the consolidated financial statements of Biachem Group Limited. The financial statements are presented to the nearest Pound. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
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; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Biachem Group Limited as at 30 November 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Going concern
In the opinion of the directors, there are no factors in existence that would result in the company not being considered as a going concern. Page 11
Biachem Limited Notes to the financial statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 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 | 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. 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 | - | 18% to 30%
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.
| 2.6 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.7 | 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. 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. Page 12
Biachem Limited Notes to the financial statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | 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. 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. 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. Page 13
Biachem Limited Notes to the financial statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 2.10 | Financial instruments (continued)
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.
| 2.11 | 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.
| 2.12 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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. Page 14
Biachem Limited Notes to the financial statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 2.13 | Operating leases: the Company as lessee
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.
| 2.14 | Pensions
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 accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.15 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.16 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.17 | Current and deferred taxation
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 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. Page 15
Biachem Limited Notes to the financial statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 2.18 | Dividends
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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. The following are the company's key sources of estimation uncertainty: Lease commitments The company has entered into a lease commitment (see note 23) in respect of property. The classification of this lease as either financial or operating lease requires the directors to consider whether the terms and conditions of the lease are such that the company has acquired the risks and rewards associated with the ownership of the underlying asset.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Distribution of chemicals | 19,275,120 | 18,333,805
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 19,223,219 | 18,220,457
| Rest of Europe | 51,901 | 113,348
|  | 19,275,120 | 18,333,805
Page 16
Biachem Limited Notes to the financial statements For the year ended 30 November 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (11,744) | (3,459)
| Other operating lease rentals | 93,783 | 83,296
| Profit on disposal of fixed assets | - | (19,752)
6. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 22,950 | 15,100
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,053,798 | 887,422
| Social security costs | 129,506 | 138,620
| Cost of defined contribution scheme | 36,292 | 449,532
|  | 1,219,596 | 1,475,574
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 15 | 13
Page 17
Biachem Limited Notes to the financial statements For the year ended 30 November 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 687,310 | 706,035
| Company contributions to defined contribution pension schemes | 27,991 | 434,942
|  | 715,301 | 1,140,977
| During the year retirement benefits were accruing to 2 directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £298,210 (2024 - £295,758).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,574 (2024 - £7,566).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 558,775 | 503,322
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | - | 2,301
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 966,311 | 836,553
| Adjustments in respect of previous periods | - | 34,214
| Total current tax | 966,311 | 870,767
| Deferred tax |  |
| Origination and reversal of timing differences | 7,139 | (20,042)
| Total deferred tax | 7,139 | (20,042)
| Tax on profit | 973,450 | 850,725
Page 18
Biachem Limited Notes to the financial statements For the year ended 30 November 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,894,155 | 3,408,954
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 973,539 | 852,239
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 5,139 | 2,051
| Capital allowances for year in excess of depreciation | - | (18,313)
| Adjustments to tax charge in respect of prior periods | - | 34,214
| Other timing differences leading to an increase (decrease) in taxation | (5,228) | (19,466)
| Total tax charge for the year | 973,450 | 850,725
Page 19
Biachem Limited Notes to the financial statements For the year ended 30 November 2025 11.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 354,265 | 100,000
13. | Tangible fixed assets
|  | Plant and machinery
|  | £
| Cost |
| At 1 December 2024 | 384,677
| Additions | 111,261
| Disposals | (30,568)
| At 30 November 2025 | 465,370
| Depreciation |
| At 1 December 2024 | 168,118
| Charge for the year | 71,979
| Disposals | (30,568)
| At 30 November 2025 | 209,529
| Net book value |
| At 30 November 2025 | 255,841
| At 30 November 2024 | 216,559
Page 20
Biachem Limited Notes to the financial statements For the year ended 30 November 2025
14. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 December 2024 | 100
| At 30 November 2025 | 100
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Class of shares | Holding
| Biochem Limited | Ordinary | 100%
| Biochem Limited was dormant for year ended 30 November 2025.
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 3,219,840 | 2,191,363
Page 21
Biachem Limited Notes to the financial statements For the year ended 30 November 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 20,000 | 136,800
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 3,662,544 | 2,800,466
| Amounts owed by group undertakings | 750,568 | 927,531
| Other debtors | 232,970 | 526,171
| Prepayments and accrued income | 185,202 | 214,481
|  | 4,831,284 | 4,468,649
17. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed term deposits | 6,589,551 | 4,997,408
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,313,939 | 1,190,223
| Amounts owed to group undertakings | 771,294 | 197,347
| Corporation tax | 426,311 | 46,553
| Other taxation and social security | 840,011 | 722,723
| Accruals and deferred income | 80,576 | 46,261
|  | 3,432,131 | 2,203,107
Page 22
Biachem Limited Notes to the financial statements For the year ended 30 November 2025
19. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (43,648) | (63,690)
| Utilised in year | (7,139) | 20,042
| At end of year | (50,787) | (43,648)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (51,592) | (43,648)
| Pension contributions | 805 | -
|  | (50,787) | (43,648)
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2024 - 100,000) Ordinary shares of £1.00 each | 100,000 | 100,000
21. | Reserves
Profit and loss account This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.
22. | Pension commitments
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 amount to £36,292 (2024: £449,532). Contributions totalling £6,711 (2024: £Nil) were payable to the fund at the balance sheet date and are included in creditors. Page 23
Biachem Limited Notes to the financial statements For the year ended 30 November 2025
23. | Commitments under operating leases
| At 30 November 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 22,819 | 18,583
| Later than 1 year and not later than 5 years | 120,516 | -
|  | 143,335 | 18,583
24. | Transactions with directors
A loan was granted to a director in a prior year for the value of £136,800, attracting interest at the HMRC actual official rate, charged daily. As at 1 December 2024, the company was owed £136,800 (Dec 2023: £136,800). Repayments of £116,800 (2024: £Nil) were made against the outstanding capital in the year, therefore a debtor of £20,000 (2024: £136,800) remains in non-current assets at the balance sheet date. The outstanding balance was repaid in full subsequent to the year end. As at 1 December 2024, the interest on this loan owed to the company was £2,010 (Dec 2023: £2,010). Interest was charged in the year on this loan of £1,636 (2024: £3,078). The director paid interest of £3,078 (2024: £3,078) in the year. At the year end, the interest owed to the company was £568 (2024: £2,010). In the prior year, a loan was granted to another director for the value of £900,420, attracting interest at the HMRC actual official rate, charged daily. As at 1 December 2024, the company was owed £Nil (Dec 2023: £Nil). The loan had been repaid in full in the prior year and consequently no repayments were made during the year (2024: £900,420) and no balance was outstanding at the year end (2024: £Nil). As at 1 December 2024, the interest on this loan owed to the company was £3,568 (Dec 2023: £Nil). Interest was charged in the year on this loan of £Nil (2024: £3,568). The director paid interest of £3,568 (2024: £3,568) in the year. At the year end, the interest owed to the company was £Nil (2024: £3,568). Another director has an interest free loan facility of £10,000 with the company. As at 1 December 2024, the company was owed £2,073 (Dec 2023: £9,900). During the year, they withdrew £Nil (2024: £1,573) under this facility. During the year, they made repayments of £2,073 (2024: £9,400). At the year end, the balance owed to the company was £Nil (2024: £2,073).
25. | Related party transactions
|  | 2025 | 2024
|  | £ | £
| Loans repayable by directors | 20,000 | 138,873
| Interest received in respect of loans to directors | 6,646 | 6,646
| Accrued interest in respect of loans to directors | 568 | 5,578
| There were no other related party transactions during the year or the prior year, other than with wholly owned group Companies which have not been disclosed in accordance with Section 33.1A of Financial Reporting Standard 102.
Page 24
Biachem Limited Notes to the financial statements For the year ended 30 November 2025
26. | Controlling party
The immediate and ultimate parent undertaking is Biachem Group Limited, a company incorporated in England and Wales. The ultimate controlling party is considered to be R W H Beaumont by virtue of his majority shareholding. Biachem Group Limited is the smallest and largest group which prepares consolidated financial statements that include the Company. These are publicly available and can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ, Wales. Biachem Group Limited is registered at Cheyne House, 62-63 Cheapside, London, United Kingdom, EC2V 6AX.
Page 25