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Registered number: 00931537
MULTISOL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MULTISOL LIMITED
COMPANY INFORMATION
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M Gratton (resigned 16 December 2025)
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T E Brown (appointed 16 December 2025)
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MULTISOL LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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MULTISOL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report for the year ended 31 December 2025.
The trading results are summarised on page 15.
In 2025, Multisol Limited continued to face a challenging market environment, driven by global production overcapacity, subdued industrial activity, and persistent pricing pressure. Despite these challenges, the Company continued to generate positive operating cash flows and maintained a profitable underlying business.
Like many companies in the petrochemical industry, Multisol Ltd faced multiple geopolitical, social and macroeconomic challenges. However, the Multisol business model again proved to be resilient and continues to be valued by our principal suppliers as a highly effective business model and route to market for them. Geopolitical crises, such as the wars in Ukraine and the Middle East, have had an adverse effect on international supply chains and global economic growth. In addition, UK inflation remained above the Bank of England's 2% target, which continued to place a strain on costs.
In light of these challenging trading and marketing conditions, the Company achieved a gross profit of £8,531,000 (2024 - £9,016,000), which reflects a decrease of 5.4% year-on-year. Operating EBITDA decreased by 5.2% to £1,608,000 (2024 - £1,697,000), please refer to page 4 for the calculation and definition of this metric and narrative on the Company's key performance indicators. The decrease year on year is a result of market prices softening with an accompanying reduction in demand and ongoing inflationary pressure on overhead costs.
Profit before tax decreased from £59,685,000 in 2024 to £3,696,000 in 2025, this was predominantly driven by decreased income received from the Company’s subsidiaries which decreased by £56,388,000 year-on-year.
Whilst the gross profit result achieved in 2025 has declined by 5.4%, the directors are satisfied with the financial performance and position of the Company and have confidence in operations to facilitate growth going forwards.
We continue to supply our customers to the usual high standards of reliability and indeed, we must further develop our customer value proposition to ensure we fully address our customer needs and deliver added value for them. The expertise and commitment of our staff enables the Company to act quickly, find creative solutions and overcome the challenges faced.
Safety remains our number one priority and following the disappointing ‘Lost Working Day Accident’ (LWDA) in 2024, we implemented a number of key improvements during 2025 and the Company is pleased to report no major incidents or LWDA during the year (2024: one). We are fully committed to all aspects of HSSE and to further develop our safety culture across all our sites and all day to day activities. In addition, we continue to invest in a number of Safety, Health and Environmental ISO management systems.
Multisol Limited’s staff remain critical to the success and ability of the Company to respond to changing circumstances, and the Board would like to express their thanks to all the employees for their contributions over the last year.
The directors are satisfied with the net asset position of the Company at the year end as disclosed on page 16.
The Company has access to considerable financial resources and has rigorous procedures for identifying, quantifying and mitigating all aspects of risk relevant to the business. In light of these factors, the directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future.
PRINCIPAL RISKS AND UNCERTAINTIES
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MULTISOL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
On an annual basis, the UK Risk Team (which includes the directors) considers the principal risks that the Company is exposed to and determines the actions and resources required to mitigate them. As part of this process, a full risk review of each business and support function is undertaken to identify and assess key risks and update the Company risk register. Each risk is evaluated using a defined criteria based on its potential consequence, likelihood and the existing level of mitigating controls. Each risk is assigned an owner who is responsible for actioning agreed mitigations.
In addition to the factors described elsewhere in this Annual Report, the following are the most significant known factors, risks and uncertainties that would impact the Company. These risks should not be considered an exhaustive list of all potential risks and uncertainties faced by the Company.
Economic environment and political stability
Economic downturns may have a negative impact on the sales and gross profit of the Company.
Multisol continued to operate in a challenging market environment in 2025. Global conditions were shaped by
ongoing geopolitical uncertainties, such as the war in Ukraine and the worsening conflict in the Middle East.
These conditions were a cause of uncertainty in business activities across industries, where economic momentum remained below expectations.
In the UK, inflation remained higher than the Bank of England target rate of 2% and businesses have been under pressure to raise prices in order to mitigate significant cost increases, in particular the continued higher level of energy prices due to the war in Ukraine and Middle Eastern conflicts.
We anticipate that the challenging economic conditions will persist into 2026. However, the Company is well placed to deal with such challenges, due to its long-standing relationships with its suppliers and customers and broad, diversified range of products.
Operational risks
As a distributor, the Company is exposed to the risk of interruptions to business, quality problems or unexpected technical difficulties. The Company counters this risk by extensive safety measures and regionally standardised quality and safety processes, by specifically training its employees and through safety campaigns across the Multisol Group. In addition, the Company has taken out appropriate business interruption insurance to further mitigate the risk of potential business interruptions.
Risks may arise if the products purchased and delivered to customers do not meet the specified and agreed quality or if, in specific cases, their sale is subject to restrictions. However, the Company has procedures in place which provide a high level of assurance that products are purchased from reliable sources, are of appropriate quality and are sold in accordance with trade laws and legislation.
Another key risk to the Company would be a change in supplier trading arrangements. The directors ensure appropriate terms of trade are negotiated with both suppliers and customers and are reviewed on a regular basis.
Environmental risks
Climate change is a widely acknowledged global emergency, with the need to act faster becoming more evident. As with all companies, Multisol Limited is exposed to the risks of climate change and managing our response to this is critical to the Company's future success.
The UK Government has committed to achieving net zero carbon emissions by 2050. As a market leader in chemical and lubricant distribution and because of our central position in the chemical industry’s value chain, we
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MULTISOL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
are aware of our responsibility in this area. Multisol is part of the Brenntag Group and therefore are committed to these targets. Sustainability is essential to the way we operate, the issues of health, safety and environmental protection are deeply embedded in our corporate culture.
Based on this responsibility, Brenntag's strategy and vision "Future Sustainable Brenntag", sets an ambitious goal of net-zero carbon emissions by 2045. This strategy includes fully meeting electricity requirements from green energy by 2025 and reducing CO2 emissions by 40% compared with 2020 levels by 2030. Although this strategy currently does not directly impact product offering, all decisions regarding capital expenditure and future projects are heavily considered against their environmental impact. In 2022, an internal carbon fund was introduced by the Brenntag SE Group, for which sites around the globe (including Multisol Limited) can utilise to invest in carbon-saving measures. As well as this, the Brenntag Group have created a CO2 equivalents (CO2e) calculator, which enhances transparency on the carbon footprint associated with our product portfolio. This helps our business partners evaluate the environmental impact when making business decisions and allows them to make more sustainable choices.
The initiatives implemented so far and in the future will allow the Brenntag Group, including Multisol Limited, to mitigate the environmental risks that the world is facing.
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MULTISOL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
KEY PERFORMANCE INDICATORS
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The Company has a number of performance indicators which measure operational performance. Aside from pure financial indicators there are measures of health and safety performance and customer service around product availability and delivery performance. Those considered key to the Company are set out below.
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Operating EBITDA, calculated as below:
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Whereas for manufacturing companies, sales play a key role, for Multisol Limited as a distributor, gross profit is a more important factor for assessing the long term success of our business. Our goal is for the growth to exceed macroeconomic benchmarks.
Another key performance indicator and measure of financial performance for the Company is operating EBITDA. This indicator is key, as it reflects the performance of our business operations and is a fundamental component of cash flow. Operating EBITDA is operating profit as recorded in the Statement of Comprehensive Income plus any depreciation or amortisation charge. Our aim is to continually grow operating EBITDA through the business cycle.
Non-financial KPIs
For Multisol Limited, nothing has a higher priority than the health and safety of our staff and ensuring that we carry out our operations free of incidents, therefore it considers its key non-financial indicator to be the number of lost time injuries incurred. Accidents at work and similar occurrences are recorded and evaluated centrally according to the Brenntag Group's standard reporting system. Key lessons learned from any incidents are reported throughout the entire Brenntag Group and it is the Group's policy to continually improve its processes and safety culture.
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MULTISOL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
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Under section 172(1) of the Companies Act 2006, the Board has a duty to act in good faith and in a way that would be most likely to promote the success of the Company for the benefit of its shareholder whilst having regard to matters set out in S172(1) (a-f) of the Act:
(a) the likely long term consequences of decisions;
(b) the interest of the Company’s employees;
(c) the need to foster the Company’s business relationships with suppliers, customers and others;
(d) the impact of the Company’s operations on the community and the environment;
(e) the desirability of the Company maintaining a reputation for high standards of business and conduct; and
(f) the need to act fairly as between the Company’s owners.
To discharge their section 172(1) duties the Board have had regard to the factors set out above and acknowledge that for the business to grow over the long term, a full understanding of the Company’s stakeholders is required to ensure that the Board can make informed decisions which factor in stakeholder interest.
Stakeholder engagement
The Board consider its significant stakeholder groups to be:
(i) Customers and suppliers
The Company is part of the Brenntag Group, the global market leader in chemical and ingredient distribution. The Brenntag Group’s aim is to connect chemical manufacturers (our suppliers) with chemical users (our customers) providing a complete distribution solution rather than just chemical products.
The Group is guided by its core values:
∙Care – We take responsibility for each other, our partners and the world
∙Trust – We build relationships through authenticity and commitment
∙Clarity – We work towards common goals with focus and determination
∙Excellence – We go beyond expectations, through excellence, innovation and collaboration.
∙Safety – We put safety first in everything we do.
Multisol provides its business partners with in-depth product, application and industry expertise in the distribution of industry-leading additives, base oils and specialty products into markets in the UK, the rest of Europe, and globally. The Company is able to address the requirements of its suppliers and customers flexibly and with the focus on providing the right solution because we have experts and specialists for the industries in which we operate. Our experts share their knowledge of local conditions and the specific applications of our products, hereby creating real added value for our partners.
The Company’s business partners are vital to ensuring the long term success of the Company. This principle remains unchanged and as a business we constantly review our business model with the view to leveraging
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MULTISOL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
further potential.
(ii) Employees
Our employees, with their expertise and dedication, play a key role in the Company’s success and long term prospects. As part of the Brenntag Group, the Company follows the Brenntag global human resources strategy. A key part of this strategy is to promote employee retention and development at every level. We encourage open dialogue, allowing employees to play a part in shaping the Company and foster a change and performance culture.
Keeping our employees safe is of the upmost importance for Brenntag. Throughout the Group, Brenntag operates in accordance with the “Safety First” principle, relying strongly on personal commitment and responsibility. Brenntag uses various methods to continuously raise employee awareness of occupational health and safety. Training is carried out regularly and best practice is constantly reviewed and rolled out across the Company.
Diversity at Brenntag encompasses several aspects, such as employees’ different cultural backgrounds, qualifications and needs. Through the exchange of knowledge, ideas and experience, diversity makes a decisive contribution to Brenntag’s success. The Company wishes to foster this exchange and further increase the diversity of the workforce so as to create a cosmopolitan work culture and a dynamic work environment where all employees can learn from one another.
The internal online group portal supports and promotes the flow of information, communication and cooperation between Brenntag Group employees. The platform brings together Brenntag Group employees and facilitates the sharing of information, experiences and best practice methods. Throughout the Group, Brenntag places emphasis on agile and flexible working. The Company has implemented flexible working arrangements for employees provided this is compatible with their job profile.
During the year the Company also participated in the Brenntag global e-learning programme, which offers flexible and digital based training on specific professional skills and regional compliance. The programme aims to foster a culture of autonomous learning.
(iii) Shareholders
Brenntag Group policies and procedures ensure that the Board constantly engage with its ultimate parent company Brenntag SE, which promotes and maintains consistently high standards of current, relevant, compliance. Brenntag SE’s representatives are actively involved in decisions relating to strategy, operational performance, capital investments and financial structure and their input is factored into all such decisions.
(iv) The community and environment
As part of the Brenntag Group, the consideration of the impact on the community and environment is taken at Group level. Further details are available in the Group Sustainability Statement of the ultimate parent company Brenntag SE which is available on the Group’s website at: https://corporate.brenntag .com/en/sustainability /.
ESG is a top priority in Brenntag’s activities and an essential part of our growth strategy. As global market leader, we have undertaken to promote a sustainable future. The Group published the “Future Sustainable Brenntag” strategy and vision in April 2022, and set an ambitious ESG agenda. This includes achieving net-zero scope 1 and 2 emissions by 2045, increasing the extent to which we use sustainability criteria to steer our product portfolio and driving sustainability in our supply chains.
Multisol has an active environmental policy and approach for its operations and distribution, and the products distributed by Multisol are mainly focused on delivering industry-leading fuel economy and lower emissions performance. Details of the Company's greenhouse gas emissions, energy consumption and energy efficiency actions can be found on pages 9 and 10. An assessment of our environmental risks, in line with the UK climate-related financial disclosure regulations (TCFD) are found on page 3.
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MULTISOL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Multisol operates local programmes across its companies in different countries, enabling its entities to make local contributions to registered charities.
The Group continued to closely monitor the situation in both Ukraine and Russia, following the decision to discontinue the business of all Brenntag entities in Russia and Belarus. The future of the Company's indirect subsidiary, OOO Multisol, is in progress to ensure to further reduce the operation in line with Russian law.
Developments in the year
In 2025 Brenntag continued to implement the “Strategy to Win” initiative, which emphasises individual growth
plans for the Brenntag Specialties and Brenntag Essentials divisions. Applying these divisional strategies and
leveraging our Company’s global footprint and fundamental strengths, we will further develop the differentiated
profiles of our two divisions to propel their growth above the market growth rate. We aim to do so by serving our
business partners and stakeholders faster, better and more comprehensively by focusing even more closely on
their specific changing requirements.
The Board made a number of key decisions on behalf of the Company during the year and throughout the
decision-making process considered the impact on the Company's stakeholders. The Company's ultimate parent
company, Brenntag SE, is actively involved in all such decisions through a comprehensive formal approval
process. The principal decisions included:
The approval of an interim dividend payment to its immediate parent of £5,621,000 (2024 - £50,198,000).
The Board considered the long-term consequences of paying up its distributable reserves and considered on
balance it was in the best interests of its stakeholders as a whole.
This report was approved by the Board on 23 September 2026 and signed on its behalf.
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MULTISOL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
DIRECTORS' RESPONSIBILITIES STATEMENT
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The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards comprising 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsilble 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.
The directors are responsible for the maintenance and integrity of the corrporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £3,542,000 (2024 - £59,669,000).
Interim dividends were paid during the year totalling £5,621,000 (2024 - £50,198,000). The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
M Gratton (resigned 16 December 2025)
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T E Brown (appointed 16 December 2025)
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MULTISOL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
POLITICAL AND CHARITABLE CONTRIBUTIONS
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During the year donations for charitable purposes amounted to £1,300 (2024 - £8,800). The Company made no political donations during the year (2024 - Nil).
FINANCIAL RISK MANAGEMENT
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Currency Risk
Currency risk at a transactional level is managed through the regular forecasting of future currency flows and the application of forward contracts and options where applicable.
Liquidity Risk
Management control liquidity risk through the careful management of all aspects of the Company’s cash flows and the safe investment of cash assets.
Price Risk
The Company constantly reviews both its own and supplier prices and where appropriate endeavours to build flexibility into contractual relationships in order to mitigate the effects of price volatility.
Credit Risk
The Company mainly trades with long standing customers. The nature of these relationships together with internal controls assist management in controlling its credit risk.
Interest Risk
Intercompany loan structures are managed at a group level, interest rates are based on external market rates.
Interest risks are mainly managed by the Brenntag Group treasury department. The group hedges such risks by using various derivative instruments, this permits a balancing of risks for the Company and throughout the group.
The directors are satisfied with the Company's results for the year and are confident of the Company's future prospects. As a result, there are no plans to change the Company's activities in the foreseeable future.
The directors are committed to the fair and equitable treatment of all its employees irrespective of age, gender, race, religion, disability or sexual orientation. Selection is governed by the Company's principles of non-discrimination and the directors will, wherever possible, recruit from within and through promotion.
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MULTISOL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company has access to considerable financial resources and has rigorous procedures for identifying, quantifying and mitigating all aspects of risk relevant to the business.
The directors have carried out a robust assessment of the risks facing both the Company and the UK Group of Companies which it forms part of. The directors have prepared sensitivity analysis to assess the Group’s cash flows based on different scenarios including a severe downturn in the UK economy. The cashflows cover the period to 31 December 2027 and in each scenario the UK Group of Companies maintains substantial liquidity.
The going concern assessment performed by the directors is based on 12 months from the date of signing these financial statements. The directors have received confirmation from Brenntag UK Holding Limited that financial support is in place for at least 12 months from the date of signing these financial statements.
As such, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Qualifying third party indemnity insurance was in place for the benefit of all the directors of the Company during the year and up to the date of signing of the financial statements.
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION
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The Company's carbon footprint across Scopes 1, 2 and 3, together with an appropriate intensity ratio and total energy consumption for the financial year are set out below:
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Greenhouse gas (GHG) emissions
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Scope 1 (in tonnes of CO2 equivalent)
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Scope 2 (in tonnes of CO2 equivalent)
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Scope 3 (in tonnes of CO2 equivalent)
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Total GHG emissions (in tonnes of CO2 equivalent)
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Scope 1 - Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel in stationary sources and for the purposes of transport in Company-owned/operated vehicles.
Scope 2 - Emissions resulting from the purchase of electricity by the Company for its own use.
Scope 3 - Indirect emissions resulting from the use of grey fleet, i.e. business use of an employee's private vehicle.
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MULTISOL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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Total energy consumption (kWh)
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The methodology used to calculate our GHG emissions is the Greenhouse Gas Protocol Corporate Standard, we have worked with external consultants to give us an up to date picture of our carbon footprint and to validate our GHG disclosures for the financial period.
Energy Efficiency Action
The Company has engaged with external consultants to help create and implement a comprehensive energy and environmental policy, which will aim to set sustained and achievable targets to reduce our carbon emissions year-on-year. The responsibility for the GHG strategy and action plan has been assigned to the executive management team. Brenntag have set themselves an ambitious ESG agenda. This includes achieving net-zero emissions by 2045.
As part of the Brenntag UK & Ireland Group, the Company will continue to explore and implement measures that were highlighted in the Group's ESOS phase 1 and 2 assessments, including AC optimisation, LED upgrades and controls, boiler replacements, more efficient compressors and dryers, monitoring and targeting software and more energy efficient working practices. The Company is currently rolling out the installation of solar panels on its own buildings.
Further details of Brenntag's global consideration of its impact on the environment can be found on page 6.
DISCLOSURE OF INFORMATION TO AUDITORS
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's 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.
POST BALANCE SHEET EVENTS
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There have been no significant events affecting the Company since the year end.
The independent auditors, Deloitte LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board on 23 September 2026 and signed on its behalf.
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MULTISOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MULTISOL LIMITED
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of Multisol Limited (the ‘company’):
∙give a true and fair view of the state of the company’s affairs as at 31/12/25 and of its profit for the period then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
∙the statement of comprehensive income;
∙the balance sheet;
∙the statement of changes in equity; and
∙the related notes 1 to 26.
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).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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
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MULTISOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MULTISOL LIMITED
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory framework that the company operates in, and
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MULTISOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MULTISOL LIMITED
identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act 2006 and tax legislation; and
∙do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance.
Report on other legal and regulatory requirements
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.
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 any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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.
We have nothing to report in respect of these matters.
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MULTISOL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MULTISOL LIMITED
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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
David Johnson, FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditors
Leeds, United Kingdom
23 September 2026
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MULTISOL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Income from shares in group undertakings
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Interest receivable and similar income
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Interest payable and similar expenses
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PROFIT FOR THE FINANCIAL YEAR
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR
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There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income, all amounts relate to continuing operations.
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The notes on pages 19 to 38 form part of these financial statements.
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MULTISOL LIMITED
REGISTERED NUMBER: 00931537
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 23 September 2026.
The notes on pages 19 to 38 form part of these financial statements.
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MULTISOL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Profit for the financial year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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At 31 December 2024 and 1 January 2025
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Profit for the financial year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 19 to 38 form part of these financial statements.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.ACCOUNTING POLICIES
Multisol Limited's principal activity is to formulate, blend and distribute high value fuel and lubricant additives, base oils and specialty chemicals.
The Company is a private company limited by shares and is incorporated and domiciled in England & Wales. The address of its registered office is Alpha House, Lawnswood Business Park, Redvers Close, Leeds, West Yorkshire, United Kingdom, LS16 6QY.
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).
The following principal accounting policies have been applied:
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EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS
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Consolidated financial statements
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The Company is itself a wholly owned subsidiary company of Brenntag UK Holding Limited and of its ultimate parent company Brenntag SE. It is included in the consolidated financial statements of Brenntag SE, which are publicly available on the Group's website at https://annualreport .brenntag.com/en/. Therefore, the Company is exempt from the requirement to prepare group financial statements by virtue of section 401 of the Companies Act 2006.
These financial statements are the Company's separate financial statements.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.ACCOUNTING POLICIES (CONTINUED)
FRS 102 allows a qualifying entity certain disclosure exemptions. The Company has taken advantage of the following exemptions:
a) under FRS 102 paragraph 1.12(b), from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent company, Brenntag SE, includes the Company's cash flows in its own consolidated financial statements, available on the Group's website at https://annualreport .brenntag.com/en/;
b) under FRS102 paragraph 1.12(e), from disclosing key management personnel compensation in total;
c) under FRS 102 paragraph 33.1A, from disclosing related party transactions with members of the same group that are wholly owned; and
d) under FRS 102 paragraphs 29.28(b) and 29.29, from disclosing information about deferred tax assets and liabilities related to Pillar Two Model Rules, on the basis that it is a qualifying entity and its ultimate parent Company, Brenntag SE, includes these disclosures in its own consolidated financial statements.
The Company has access to considerable financial resources and has rigorous procedures for identifying, quantifying and mitigating all aspects of risk relevant to the business.
The directors have carried out a robust assessment of the risks facing both the Company and the UK Group of Companies which it forms part of. The directors have prepared sensitivity analysis to assess the Company’s cash flows based on different scenarios including a severe downturn in the UK economy. The cash flows cover the period to 31 December 2027 and in each scenario both the Company and the UK Group of Companies maintains substantial liquidity.
In addition, the directors have received confirmation from Brenntag UK Holding Limited that financial support is in place for at least 12 months from the date of signing these financial statements.
As such, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.ACCOUNTING POLICIES (CONTINUED)
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Sale of goods
Turnover 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 turnover 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.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.
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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.ACCOUNTING POLICIES (CONTINUED)
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Tangible assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Leases that do not transfer all of the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.
Investments in subsidiaries are measured at cost less accumulated impairment.
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. Work in progress and finished goods include labour and attributable overheads.
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 the Statement of Comprehensive Income.
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.
The Company has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments.
(i) Financial assets
Basic financial asstes, including trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initally recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.ACCOUNTING POLICIES (CONTINUED)
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Financial instruments (continued)
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future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
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 the Statement of Comprehensive Income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying value would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flow from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where debt instruments are measured at the present value of the future receipts discounted at a market rate of interest. Such liabilities are subsequently carried at amortised cost, using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised as transaction costs and capitalised as a prepayment and amortised over the period of the facility to which the loan relates.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Derivatives, including forward foreign exchange contracts, are not basic financial instruments.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in finance costs or income as appropriate.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.ACCOUNTING POLICIES (CONTINUED)
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Foreign currency translation
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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 that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'interest receivable and similar income' or 'interest payable and similar expenses'. All other foreign exchange gains and losses are presented within 'administrative expenses'.
Finance costs are charged to the Statement of Comprehensive Income 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.
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.
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 the Statement of Comprehensive Income 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.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1.ACCOUNTING POLICIES (CONTINUED)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The Company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned, as permitted under FRS 102.
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JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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In the application of the Company's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are continually evaluated and are based on historical experience and other factors that are considered to be relevant.
The directors have concluded there are no estimates and/or judgements that have a risk of causing a material adjustment to the carrying amount of the assets and liabilities within the next financial year.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Other operating lease rentals
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Staff costs, including directors' remuneration, were as follows:
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The average monthly number of employees, including the directors, during the year was as follows:
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £261,000 (2024 - £480,000).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,000 (2024 - £12,000).
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M Gratton and T E Brown are wholly remunerated through Brenntag UK Limited, a fellow group company. A recharge of £20,000 (2024 - £20,000) has been made by Brenntag UK Limited to the Company in respect of these directorship costs.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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INCOME FROM SHARES IN GROUP UNDERTAKINGS
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Income from shares in group undertakings
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INTEREST RECEIVABLE AND SIMILAR INCOME
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Interest receivable from group undertakings
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Other interest receivable
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INTEREST PAYABLE AND SIMILAR EXPENSES
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Interest payable to group undertakings
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Adjustments in respect of prior periods
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2024 - lower than) the effective standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Adjustments in respect of prior periods
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Dividends from UK companies
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Total tax charge for the year
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Factors that may affect future tax charges
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.TAX ON PROFIT (CONTINUED)
Deferred taxes at the balance sheet date have been measured using the enacted corporation tax rates of 25% and are reflected in these financial statements.
The Brenntag UK Holding Group has made an assessment of the effect of Pillar Two and concluded that there is no direct financial impact related to the UK entities from the introduction of the rules.
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Interim paid: £109.06 (2023 - £974.01) per share
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Two interim dividends for the financial year ended 31 December 2025 amounting to £4,106,850 and £1,513,801 were proposed and paid on 6 June 2025 and 27 November 2025 respectively.
Interim dividends for the financial year ended 31 December 2026, in total amounting to £2,619,681 were
proposed on 20 February 2026.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Transfers between classes
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Transfers between classes
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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At 1 January 2025 and 31 December 2025
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Direct subsidiary undertakings
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The following was a direct subsidiary undertaking of the Company:
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Alpha House, Lawnswood Business Park, Redvers Close, Leeds, West Yorkshire, LS16 6QY
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Indirect subsidiary undertakings
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The following were indirect subsidiary undertakings of the Company:
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Alpha House, Lawnswood Business Park, Redvers Close, Leeds, West Yorkshire, LS16 6QY
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Multisol Mauritius Limited
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Suite 510, 5th Floor Barkley Wharfe, Le Caudan Waterfront, Port-Louis, Mauritius
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Multisol South Africa (Pty) Limited
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3rd Floor, Tygervalley Chambers, One Willie Van Schoor Dr, Belville, 7550 Cape Town, South Africa
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Eniseysjay Str, 1, Build 1, Moscow 129344, Russian Federation
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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Stock recognised in cost of sales during the year as an expense was £42,641,000 (2024 - £43,822,000).
Stocks are stated after provisions for impairment of £262,000 (2024 - £280,000).
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Amounts owed by group undertakings
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Prepayments and accrued income
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Trading balances are receivable in line with the terms and conditions of sale (consistent with third party
arrangements) and no interest is charged.
Amounts owed by group undertakings are unsecured. For non trading balances, interest is charged at
market rate and repayment terms are as stated in the respective loan agreements.
Trade debtors are stated after provisions for impairment of £26,000 (2024 - £8,000).
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CREDITORS: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Derivative financial instruments
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Accruals and deferred income
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Trading balances are payable in line with the terms and conditions of sale (consistent with third party arrangements) and no interest is charged.
Amounts owed to group undertakings are unsecured. For non-trading balances, interest is charged at market rate and the repayment terms are stated in the respective loan agreements.
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CREDITORS: Amounts falling due after more than one year
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Amounts owed to group undertakings are unsecured. For non-trading balances, interest is charged at market rate and the repayment terms are stated in the respective loan agreements.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors, amounts owed by group undertakings and other debtors.
Financial liabilities measured at amortised cost comprise amounts owed to group undertakings, trade creditors and other creditors.
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The provision for deferred tax is made up as follows:
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Fixed asset timing differences
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Allotted, called up and fully paid
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51,538 (2024 - 51,538) Ordinary shares of £0.10 each
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The Company operates a defined contribution pension scheme. The net 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 £222,000 (2023 - £283,000). There were no contributions outstanding to the fund at the balance sheet date (2024 - £nil).
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MULTISOL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMMITMENTS UNDER OPERATING LEASES
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At 31 December the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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RELATED PARTY TRANSACTIONS
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The Company is exempt under FRS 102 from disclosing related party transactions with members of the same group that are wholly owned.
During the year the Company purchased services of £35,000 (2024 - £21,000) from United Kingdom Lubricants Association Limited, a company of which D Hopkinson is a director. No amounts were outstanding at year end (2024 - £nil).
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The Company's immediate parent company is Brenntag UK Holding Limited which is registered in England and Wales.
The Company's ultimate parent company and controlling entity is Brenntag SE which is incorporated in Germany.
Brenntag SE is the parent undertaking of the smallest and largest group to consolidate these financial statements as at 31 December 2025. The consolidated financial statements of Brenntag SE are available from their registered office, at Messeallee 11, D-45131, Essen, Germany.
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