REGISTERED NUMBER: 02766797 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2025

for

Huntsman IFS Polyurethanes Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

3

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Notes to the Financial Statements

12

Directors:

Ms A L Polastri

Mrs S L Todd

Registered office:

Huntsman Polyurethanes (UK) Ltd

Wilton

Redcar

North Yorkshire

TS10 4RG

Registered number:

02766797 (England and Wales)

Auditors:

Stephenson Smart (East Anglia) Limited

Chartered Accountants & Statutory Auditors

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

The directors present their strategic report for the year ended 31 December 2025.

Review of business

The company's principal activity during the year continued to be that of manufacturing and selling polyurethane chemicals. The directors consider that, following the transfer of manufacturing described below, the principal activity of the business will become the marketing and selling chemical products manufactured elsewhere within the Huntsman group of companies.

As shown below, the gross margin has decreased in 2025 to 12.60% (from 14.03% in 2024). This reflects the continuing difficult trading conditions in the UK economy and rising raw material costs. The progressive shift away from manufacturing during the latter part of the year has also had an impact on turnover and profitability. Turnover has fallen 16.8% compared with 2024 (14% decrease in 2024). The key solvency ratios described below have improved relative to 2024 because of a combination of reduced trade and group creditors and increased funds held at bank as at 31 December 2025.

Principal risks and uncertainties

In common with other businesses in this sector, the principal risks and uncertainties faced by the company include the availability, price and quality of raw materials. The impact of high energy prices and high inflation has driven manufacturing costs up throughout the supply chain. The business is also facing stiff competition within the UK and European markets. Other risk factors, together with the company's financial risk management objectives and policies are detailed in the Directors' Report.

Key performance indicators

2025

2024

2023

Gross Margin (%)

12.60

14.03

19.45

Net Profit Margin (%)

-

-

8.46

Return on Capital Employed (excl interest) (%)

-

-

0.11

Net Asset Turnover

1.33

1.55

1.64

Current Ratio

12.26

8.74

4.64

Quick Ratio

11.77

7.34

3.66

Future developments

Due to the downturn in turnover/margin and the need to reduce fixed costs across all regions, the decision was taken to close and sell the King's Lynn site. Products that were manufactured at the King's Lynn site have been transferred during 2025 to a European manufacturing site. The factory premises at King's Lynn were sold on 5 January 2026. The UK market is now serviced from the European site.

On behalf of the board:

Ms A L Polastri - Director

11 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

Principal activity

The principal activity of the company in the year under review was that of that of manufacturing and selling polyurethane chemicals.

Dividends

No dividends will be distributed for the year ended 31 December 2025.

Research and development

The company has undertaken research and development of new products and new forms of production using new and existing materials during the year, to continually ensure that the products meet customer expectations and requirements.

Future developments

As described in the Strategic Report on page 2, the King's Lynn manufacturing site closed by 31 December 2025 and products manufactured at that site have been transferred to a European facility.

Directors

Ms A L Polastri has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

Mr N Coward - resigned 31 December 2025

Mrs S L Todd - appointed 31 December 2025

Financial instruments

Financial risk management objectives and policies

The company uses various financial instruments including loans and cash, and items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. The main risks arising from the company's financial instruments are currency risk and credit risk. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Currency risk

The company has some exposure to translation and transaction foreign exchange risk. The risk is mitigated by group cash transfers and exchanges where appropriate.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. The company has very little exposure to liquidity risk as there is a group cash pool.

Credit risk

The company's principal credit risk relates to the recovery of amounts owed by trade debtors. In order to manage credit risk, credit limits are set based on credit check reviews and customer payment history. Credit limits are reviewed regularly, with a focus on aged debt profile. Outstanding debtors are actively followed up by our customer service team.

Disclosure of information in the strategic report

In accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the review of the development and performance of the business, including key performance indicators, is now contained in the Strategic Report on page 2.

Statement of directors' responsibilities

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 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 she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Stephenson Smart (East Anglia) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Ms A L Polastri - Director

11 September 2026

Opinion

We have audited the financial statements of Huntsman IFS Polyurethanes Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 December 2025 and of its loss 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 Directors' Report, 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 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 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 pages four and five, 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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

a) Those laws and regulations considered to have a direct effect on the financial statements include UK Financial Reporting Standards, Company law, tax and pensions legislation and distributable profits legislation.

b) Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations (including UK REACH regulations regarding the packaging and labelling of chemicals) and other health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud may be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK),

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.

Christopher Goad BFP FCA (Senior Statutory Auditor)

for and on behalf of Stephenson Smart (East Anglia) Limited

Chartered Accountants & Statutory Auditors

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

11 September 2026

Turnover

4

14,790,322

17,769,100

Cost of sales

(12,927,346

)

(15,276,387

)

Gross profit

1,862,976

2,492,713

Administrative expenses

(2,831,472

)

(4,077,481

)

(968,496

)

(1,584,768

)

Other operating income

279,830

-

Operating loss

6

(688,666

)

(1,584,768

)

Interest receivable and similar income

332,318

340,416

Loss before taxation

(356,348

)

(1,244,352

)

Tax on loss

8

12,000

97,500

Loss for the financial year

(344,348

)

(1,146,852

)

Retained earnings at beginning of year

11,133,214

12,280,066

Retained earnings at end of year

10,788,866

11,133,214

Fixed assets

Intangible assets

9

-

924

Tangible assets

10

950,000

1,482,105

950,000

1,483,029

Current assets

Stocks

11

439,194

1,802,823

Debtors

12

1,961,399

2,161,922

Cash at bank and in hand

8,644,988

7,290,847

11,045,581

11,255,592

Creditors

Amounts falling due within one year

13

(901,035

)

(1,287,727

)

Net current assets

10,144,546

9,967,865

Total assets less current liabilities

11,094,546

11,450,894

Provisions for liabilities

15

-

(12,000

)

Net assets

11,094,546

11,438,894

Capital and reserves

Called up share capital

16

305,680

305,680

Retained earnings

17

10,788,866

11,133,214

Shareholders' funds

11,094,546

11,438,894

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2026 and were signed on its behalf by:

Ms A L Polastri - Director

1.	Statutory information

Huntsman IFS Polyurethanes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant effect upon the figures reported in the financial statements are in respect of the rates applied for amortisation and depreciation, as described below.

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 is recognised at the point of despatch of product to customers.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Freehold property

-

2% straight line

Plant and machinery

-

5% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

Notwithstanding the restructuring of the company's operations, as described in the Strategic Report on page 2, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of preparation in preparing the financial statements.

Exceptional items

As described in Note 7, the company has assigned its Intellectual Property to another group company. This Intellectual Property includes, inter alia, patents, know-how, trade secrets, copyright, design rights, trademarks, brand names, domain names and customer lists. The consideration received has been treated as exceptional because of its unusual incidence, outside the company's normal activities.

As described in the Strategic Report, the manufacturing activity of the company was wound down in the latter part of the year and ceased by 31 December 2025. This was a consequence of a group restructuring of operations. This cessation of manufacturing has not been treated as the discontinuance of a business segment for the purposes of the financial statements, since it did not constitute a distinguishable business segment.

4.

Turnover

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

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

13,423,532

16,503,319

Europe

1,363,527

1,143,752

Rest of World

3,263

122,029

14,790,322

17,769,100

5.	Employees and directors

31.12.25

31.12.24

£

£

Wages and salaries

974,131

1,296,936

Social security costs

135,658

148,292

Other pension costs

105,437

27,769

1,215,226

1,472,997

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

31.12.25

31.12.24

Production staff

9

11

Administrative staff

10

15

Management staff

2

3

21

29

In addition to the above, redundancy costs amounted to £392,277 (2024: £13,913).

31.12.25

31.12.24

£

£

Directors' remuneration

59,221

62,655

Directors' pension contributions to money purchase schemes

89,846

16,726

Compensation to directors for loss of office

32,000

-

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

Money purchase schemes

1

1

6.	Operating loss

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

31.12.25

31.12.24

£

£

Hire of plant and machinery

42,392

44,178

Depreciation - owned assets

139,317

148,528

Loss on disposal of fixed assets

36,970

554

Computer software amortisation

924

10,250

Auditors' remuneration

12,000

11,000

Foreign exchange differences

6,307

14,685

Impairment of tangible fixed assets

(40,793

)

1,453,047

Research and development

5,586

8,604

7.	Exceptional items

31.12.25

31.12.24

£

£

Exceptional items

279,830

-

On 5 December 2025, the company entered into an agreement to assign its Intellectual Property to another group company for consideration of £279,830. This Intellectual Property had no capitalised value at that date.

8.

Taxation

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.12.25

31.12.24

£

£

Deferred tax

(12,000

)

(97,500

)

Tax on loss

(12,000

)

(97,500

)

Reconciliation of total tax credit 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:

31.12.25

31.12.24

£

£

Loss before tax

(356,348

)

(1,244,352

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(89,087

)

(311,088

)

Effects of:

Expenses not deductible for tax purposes

2,696

5,275

Depreciation in excess of capital allowances

56,767

250,390

Group Relief surrendered/(claimed)

9,315

(38,955

)

Other timing differences

8,309

(3,122

)

Total tax credit

(12,000

)

(97,500

)

9.	Intangible fixed assets

Computer

Goodwill

software

Totals

£

£

£

Cost

At 1 January 2025

300,000

65,590

365,590

Disposals

(300,000

)

-

(300,000

)

At 31 December 2025

-

65,590

65,590

Amortisation

At 1 January 2025

300,000

64,666

364,666

Amortisation for year

-

924

924

Eliminated on disposal

(300,000

)

-

(300,000

)

At 31 December 2025

-

65,590

65,590

Net book value

At 31 December 2025

-

-

-

At 31 December 2024

-

924

924

Goodwill arose during the period ended 31 December 2017 on the acquisition of the trade of a chemicals company. This has been amortised over 5 years. Goodwill was fully amortised at 31 December 2022 and has been eliminated at 31 December 2025.

Website development costs, which benefit the company in future years, are being amortised over 5 years.

The amortisation charge for the year is included within administrative expenses in the Statement of Income and Retained Earnings.

10.	Tangible fixed assets

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Cost

At 1 January 2025

2,272,442

1,675,459

532,491

Disposals

(27,716

)

(524,410

)

(10,636

)

At 31 December 2025

2,244,726

1,151,049

521,855

Depreciation

At 1 January 2025

1,246,419

1,269,425

489,377

Charge for year

50,561

42,297

39,525

Eliminated on disposal

(2,254

)

(119,879

)

(7,048

)

Impairments

-

(40,794

)

1

At 31 December 2025

1,294,726

1,151,049

521,855

Net book value

At 31 December 2025

950,000

-

-

At 31 December 2024

1,026,023

406,034

43,114