REGISTERED NUMBER: 02003690 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

RESOURCE CHEMICALS LIMITED

PREVIOUSLY KNOWN AS

CHEMCO UK LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

N J Bradley

S Farrell

K Quinn

E Storey

SECRETARY:

S Farrell

REGISTERED OFFICE:

Resource House

76 High Street

Brackley

Northamptonshire

NN13 7DS

REGISTERED NUMBER:

02003690 (England and Wales)

AUDITORS:

Dafferns Audit Limited

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

The principal activity of the company during the year was the distribution of chemicals.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review on the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

As for many companies of our size, the business environment in which we operate continues to be challenging. Wider economic forces in the market, including war, political agendas, increased competition and ongoing disruptions within the supply chain, continue to put strain on availability of goods.

To manage this, the company monitors many factors as necessary throughout each financial year and adapts its stock holding to compensate.

Although the company mitigates risks as far as possible, uncertainties do remain, and we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control. However, we will continue to show flexibility and respond to market conditions and opportunities as they arise.

KEY PERFORMANCE INDICATORS

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit and profit before tax.

2026

2025

2024

2023

2022

£

£

£

£

£

Turnover

24,303,143

25,511,398

27,512,055

43,416,552

21,007,336

Turnover growth %

(5%

)

(7%

)

(37%

)

107%

16%

Gross profit margin %

14%

15%

12%

6%

9%

Profit before tax

2,136,269

2,526,265

1,950,408

1,417,842

1,081,289

Turnover has decreased by 5% year over year, following a reduction in overall volumes. Gross margin however has been sustained through careful pricing and a balanced sales mix. Overall, a resulting profit before tax of £2,136,269 has been achieved.

The chemicals industry remains ultra-competitive, yet the company has been able to maintain its customer and market share.

LIQUIDITY RISK AND CASH FLOW RISK

The business' activities are exposed primarily to the financial risk of changes within it's foreign currency exchange rates. This risk is managed using both spot and forward currency contracts.

The company does not make use of any financial instruments other than high interest return bank accounts and so reduces its exposure to price risk, credit risk, liquidity risk and cash flow risk. It is not material for the assessment of the assets, liabilities, financial position and performance.

BALANCE SHEET AND FUNDING

The balance sheet remains in a strong position, with the resulting profit before tax of £2,136,269 driving a good positive cash flow on operating activities.

At the year end, Resource Chemicals Limited had a net assets position of £8,555,424 (2025: £6,963,725).

FUTURE DEVELOPMENTS

The company continues to progress and look for further growth. The directors believe the current trading environment offers many opportunities for growth to both sales and profit and are actively engaged with the executive team to realise these plans.

ON BEHALF OF THE BOARD:

K Quinn - Director

1 September 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

CHANGE OF NAME

The company passed a special resolution on 1 October 2025 changing its name from Chemco UK Limited to Resource Chemicals Limited.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 was £nil (2025: £3,000,000).

FUTURE DEVELOPMENTS

Future developments have been detailed in the strategic report in accordance with s414C(11) CA 2006.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

N J Bradley has held office during the whole of the period from 1 April 2025 to the date of this report.

Other changes in directors holding office are as follows:

S Farrell , K Quinn and E Storey were appointed as directors after 31 March 2026 but prior to the date of this report.

J D McDonald , T D McDonald and S P Matthews ceased to be directors after 31 March 2026 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

K Quinn - Director

1 September 2026

Opinion

We have audited the financial statements of Resource Chemicals Limited (the 'company') for the year ended 31 March 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2026 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

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 a Report of the Auditors 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:

-

Enquiry of management, those charged with governance around actual and potential litigation and claims;

-

Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Lucy Hatton FCCA (Senior Statutory Auditor)

for and on behalf of Dafferns Audit Limited

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

1 September 2026

TURNOVER

4

24,303,143

25,511,398

Cost of sales

20,791,584

21,731,093

GROSS PROFIT

3,511,559

3,780,305

Administrative expenses

1,407,490

1,350,358

OPERATING PROFIT

6

2,104,069

2,429,947

Interest receivable and similar income

63,131

96,319

2,167,200

2,526,266

Interest payable and similar expenses

7

30,931

1

PROFIT BEFORE TAXATION

2,136,269

2,526,265

Tax on profit

8

545,570

634,937

PROFIT FOR THE FINANCIAL YEAR

1,590,699

1,891,328

PROFIT FOR THE YEAR

1,590,699

1,891,328

OTHER COMPREHENSIVE INCOME

Deferred tax movement on revalued assets

1,000

1,000

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

1,000

1,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,591,699

1,892,328

FIXED ASSETS

Tangible assets

10

794,245

708,427

CURRENT ASSETS

Stocks

11

1,078,909

1,448,235

Debtors

12

5,232,684

5,398,498

Cash at bank and in hand

3,611,664

3,059,470

9,923,257

9,906,203

CREDITORS

Amounts falling due within one year

13

2,115,078

3,635,905

NET CURRENT ASSETS

7,808,179

6,270,298

TOTAL ASSETS LESS CURRENT LIABILITIES

8,602,424

6,978,725

PROVISIONS FOR LIABILITIES

14

47,000

15,000

NET ASSETS

8,555,424

6,963,725

CAPITAL AND RESERVES

Called up share capital

15

10,000

10,000

Revaluation reserve

16

291,417

292,265

Retained earnings

16

8,254,007

6,661,460

SHAREHOLDERS' FUNDS

8,555,424

6,963,725

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2026 and were signed on its behalf by:

K Quinn - Director

S Farrell - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2024

10,000

7,768,284

293,113

8,071,397

Changes in equity

Dividends

-

(3,000,000

)

-

(3,000,000

)

Total comprehensive income

-

1,893,176

(848

)

1,892,328

Balance at 31 March 2025

10,000

6,661,460

292,265

6,963,725

Changes in equity

Total comprehensive income

-

1,592,547

(848

)

1,591,699

Balance at 31 March 2026

10,000

8,254,007

291,417

8,555,424

1.	STATUTORY INFORMATION

Resource Chemical Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office can be found on the Company Information page of these financial statements.

The presentation currency of the financial statements and functional currency of the company is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, typically on dispatch of the goods.

Tangible fixed assets

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model, being cost less accumulated depreciation and impairment losses, except for Freehold Property which is stated at fair value. Cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Freehold property

-

2% straight line

Plant & machinery

-

33% straight line

Fixtures & fittings

-

33% straight line

Motor vehicles

-

30% straight line

Freehold property is held at its fair value and is subject to revaluations with sufficient regularity as necessary to ensure the carrying value of the property doesn't materially differ to its fair value. Valuations are performed by a suitably qualified external valuer on an open market basis.

Revaluation surpluses are taken to the revaluation reserve. Deficits on subsequent revaluations are charged to the income statement if they are considered to arise as a result of the consumption of the economic benefits provided by the asset. Other deficits on revaluation are charged to the revaluation reserve up to the amount of the associated revaluation surplus. Any excess deficits are charged to the income statement.

Where an asset that was previously revalued is disposed of, its book value is eliminated and an appropriate transfer is made form the revaluation reserve to retained earnings.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to retained earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs in bringing the product to its current location and condition and is maintained on a first in, first out basis.

As stocks are sold, the carrying amount of those stocks is recognised as an expense in the year in which the related revenue is recognised.

At each reporting date, stocks are assessed for impairment and due allowances are made for obsolete and slow-moving items to reduce the carrying amount of these goods to their estimated selling price less costs to complete and sell. The amount of any write-down is recognised as an expense in the year that the write-down occurs. The reversal of any previous write-down is recognised as a reduction in the amount of stock expensed in the year that the reversal occurs.

Financial instruments

Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

23,681,314

25,040,913

Europe

621,829

470,485

24,303,143

25,511,398

5.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

814,479

833,153

Social security costs

109,769

97,655

Other pension costs

36,978

33,185

961,226

963,993

The average number of employees during the year was as follows:

2026

2025

Sales

8

8

Accounts and administration

3

3

Operations

3

3

14

14

2026

2025

£

£

Directors' remuneration

220,195

238,898

Directors' pension contributions to money purchase schemes

9,984

9,220

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

133,003

148,478

Pension contributions to money purchase schemes

6,196

5,570

Key management are considered to be the directors of the company and their compensation paid or payable is shown above.

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Depreciation - owned assets

77,423

41,177

Profit on disposal of fixed assets

-

(29,214

)

Auditors' remuneration

10,250

9,850

Foreign exchange differences

(7,375

)

8,576

Audit fees for the parent company, CSG Longboat Limited, are borne by this company.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Other interest payable

30,931

1

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2026

2025

£

£

Current tax:

UK corporation tax

512,570

628,937

Deferred tax

33,000

6,000

Tax on profit

545,570

634,937

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

2,136,269

2,526,265

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

534,067

631,566

Effects of:

Expenses not deductible for tax purposes

10,751

3,656

Deferred tax rounding differences

752

(285

)

Total tax charge

545,570

634,937

Tax effects relating to effects of other comprehensive income

2026

Gross

Tax

Net

£

£

£

Deferred tax movement on revalued assets

1,000

-

1,000

2025

Gross

Tax

Net

£

£

£

Deferred tax movement on revalued assets

1,000

-

1,000

9.

DIVIDENDS

2026

2025

£

£

Interim

-

3,000,000

10.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2025

600,000

8,036

99,526

94,614

802,176

Additions

-

3,188

160,053

-

163,241

At 31 March 2026

600,000

11,224

259,579

94,614

965,417

DEPRECIATION

At 1 April 2025

14,334

5,041

63,729

10,645

93,749

Charge for year

4,000

1,814

46,757

24,852

77,423

At 31 March 2026

18,334

6,855

110,486

35,497

171,172

NET BOOK VALUE

At 31 March 2026

581,666

4,369

149,093

59,117

794,245

At 31 March 2025

585,666

2,995

35,797

83,969

708,427

Included in the cost of Freehold property is freehold land of £400,000 (2025: £400,000) which is not depreciated.

The freehold property was valued, on an open market basis, on 21 August 2021 by an external valuer, Davies & Partners, Land & Estate Agents for £600,000.

The directors have continued to adopt this valuation as appropriate at 31 March 2026.

The historical cost of the freehold property is £314,497.

11.

STOCKS

2026

2025

£

£

Finished goods

1,078,909

1,448,235

Stocks are stated after a slow-moving and obsolete stock allowance of £nil (2025: 28,022).

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

4,304,546

4,476,626

Other debtors

445,662

445,662

Prepayments and accrued income

482,476

476,210

5,232,684

5,398,498