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REGISTERED NUMBER: SC094831 (Scotland)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

LEVENSEAT LTD.

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 21


LEVENSEAT LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: A J Hamilton
D Walker
R C Green
E Hill





REGISTERED OFFICE: By Forth
Lanark
ML11 8EP





REGISTERED NUMBER: SC094831 (Scotland)





AUDITORS: Galbraith Pritchards
Chartered Accountants and Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors present their strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS
2022 was a year of further growth and investment for Levenseat with a view to building on previous success. We secured a number of new Local Authority contracts further enhancing and strengthening our position in the market.
The acquisition of the Lathallan site in Falkirk was concluded in May 2022, following this a key focus of the business was the delivery of the new Lathallan processing facility, this included design and procurement of a package of works including new processing equipment, removal of redundant equipment, modifications to the facility and specialist contractors to undertake the work. In order to deliver this, a funding package of £5m was secured to finance the acquisition in 2022 followed by further funding in 2023 to support the capital investment modifications which included grant funding through the Scottish Enterprise Low Carbon Manufacturing fund.

Covid impacts on the supply chain presented challenges in terms of timelines & cost for supply of equipment, whilst this impacted on the project delivery, arrangements were put in place to successfully mitigate this to minimise the impact.

During this period to ensure continued servicing of existing customer contracts we continued to operate the old sorting line at Forth, given the age of the plant and operational issues this resulted in significant extra operational and disposal costs resulting in this discontinuing activity lower of EBITDA by around £1m in 2022.

The organics facility continued its focus on optimisation of the organics press and developing outlets of the extract to Anaerobic Digestion facilities across the UK. Whilst operational challenges with the processing equipment impacted on the ability to provide a consistent feedstock supply, good progress was made in developing relationships with offtakers.

A significant upgrade was carried out on our 'Zambezi' process plant which sits within our minerals processing operations, this has significantly increased our processing capacity for cleaning up contaminated streams and has also benefitted through operational efficiencies. This is an example of continued investment in improving our ability to provide cost effective solutions to customers and ensure the long-term viability of our operations.

Levenseat further solidified its commitment to Innovate Ash Solutions by extending it's funding support through loan funding. Planning permission was secured enabling the commencement of site preparation works. IAS also secured end of waste certification. Application for a variation to the PPC was made to facilitate development of the plant.

Throughout the year Levenseat retained full employment, and further expanded the team in key areas. this supported continued Turnover growth increasing by £5.5m to £33.5m (20% increase year on year) however EBITDA fell to £0.5m from £3.9m in 2021 of which the discontinuing activity at Forth represented £1m of the fall.

Recognising the importance of supporting and developing our team, Levenseat has been well placed to navigate the challenges presented in attracting and retaining talent. Having achieved Real Living Wage accreditation in 2020, we continue to ensure that all personnel working in our operations are fairly rewarded, whilst investing in developing talent within the teams.

2022 also saw the continued development of our management, financial and IT systems as part of our drive for individual profit centre responsibility and accountability, moving away from our site wide management. This has enabled us to be more proactive through early indications and trends, utilising more specific and in-depth performance reporting which has now become the basis for 2023 departmental management ownership and objective setting, review and continual update.

With the company's purpose focussed on the sustainable management of resources, we see ourselves as fully embedded in the Circular Economy and the secondary materials economy. Recognising that true sustainability covers a wide range of criteria we have a working group developing a range of metrics to be able to measure and track our impact as an organisation, in particular the carbon metrics and both the positive and negative impacts of our operations. This will inform the development of the company's policies and operational approach on such matters.


LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the risks the group is exposed to as stated below:

Competitive Risk. Levenseat is reliant on certain major local authorities for contracts which are subject to periodic competitive tender. Renewal of these contracts is uncertain and based on financial and performance criteria. To mitigate this risk Levenseat provides a comprehensive portfolio of services to minimise exposure to market and the associated contracts are spread over a range of customers and durations. Levenseat aims to provide the highest level of customer service at all times and is in continuous contact with customers to ensure all their needs are met. Levenseat also keeps its pricing competitive for all services provided and continually invests in its sites, processes and employees to optimise value within it's operations and ensure quality of performance and customer experience is maximised.

Credit Risk is the risk that one party to a financial instrument will cause a financial loss for that other party by failing to discharge an obligation. Levenseat mitigates this risk by only granting these terms to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.

Liquidity Risk is the risk that the entity will encounter difficulty in meeting obligations associated with financial liabilities. Levenseat mitigates liquidity risk by managing cash generation of its operations and by having credit facilities in place.

Regulatory Compliance Risk is the risk that Levenseat fails to comply with the terms of the Pollution Prevention and Control (PPC) permits and other regulations which govern its waste management operations. To mitigate this risk Levenseat employs staff who are suitably knowledgeable and qualified to manage the business in compliance with these permits and regulations.. Levenseat is accredited under ISO14001 for environmental management systems and employs an independent consultant to regularly monitor and audit processes and procedures. Levenseat also fully and continuously engages with SEPA throughout the year.

Health and Safety Risk is the risk that Levenseat's operations pose a risk to the health or safety of its employees, suppliers, customers or the general public. Levenseat mitigates this risk by maintaining a regime which (i) requires all operations to be conducted in accordance with high standards of health and safety; and (ii) maintains a high level of awareness among all people involved of potential dangers and the appropriate methods of mitigating them. To support this Levenseat employs an independent health and safety consultant who regularly monitors and audits all of Levenseat's operations.

Re-Financing Risk is the risk that Levenseat Limited either defaults on its current Loan Facilities or is unable to refinance or renegotiate new terms during 2024. The Company has good relationships with its Lenders with weekly meetings to update and progress short term issues which have been met with constructive solutions. Advisors are also appointed to work on refinancing options.


LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

GOING CONCERN
The financial statements of the company have been prepared on a going concern basis, which assumes the company will be able to continue to meet its liabilities as they fall due for the foreseeable future. The directors have prepared a 12 month cash flow forecast out to April 2025 which shows, the company will need short term additional funds and have appointed financial advisors to work with the company and the Lender to provide the short term funding in the second quarter of 2024.

The company's management is actively seeking ways to support the process, including exploring potential sources of additional funding, implementing cost-saving measures and focus on operational improvements at the new Lathallan Facility. However, there is at the time of signing these accounts no absolute certainty that these actions will be sufficient to enable the company to continue as a going concern.

Despite the good progress, until the refinancing is completed there remains the existence of material uncertainty which may cast doubt on the company's to continue as a going concern.

ON BEHALF OF THE BOARD:





A J Hamilton - Director


22 April 2024

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The group's principal activities during the year continued to be waste management, including materials recovery & recycling.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

RESEARCH AND DEVELOPMENT
Levenseat is involved in innovative work with regards to a range of waste management and ancillary operations.

FUTURE DEVELOPMENTS
Levenseat completed the plant retrofit to modify the existing production process to enable processing of its existing "household and commercial bulky waste" from the Levenseat site to its new facility at Lathallan with take-over and first commercial operation on 5 April 2023 at a total investment spend of £10m, making this the largest single re-investment by Levenseat in achieving its objective towards Zero Landfill from this waste steam. This project is being supported with financing from Virgin Money and has enabled the Company to create and protect around 50 full time employees.

Further investment at Forth was approved to upgrade the Concrete Block manufacturing facility at Forth with a new mobile concrete batching plant enabling increased Levco Block volume in support of increased demand and additional ability to provide batch concreting facilities both on and off site.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

A J Hamilton
D Walker
R C Green
E Hill

Other changes in directors holding office are as follows:

P J MacLaren ceased to be a director after 31 December 2022 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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


LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Galbraith Pritchards, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J Hamilton - Director


22 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEVENSEAT LTD.


Opinion
We have audited the financial statements of Levenseat Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2022 and of the group's 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 group 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.

Material uncertainty related to going concern
We draw attention to note 2 in the financial statements, which indicates that the group incurred a net loss of £1,350,657 during the year ended 31 December 2022 and, as of that date, the group's current liabilities exceeded its current assets by £5,068,941. This is a result of investing in a new facility which proved to be more expensive than anticipated and has resulted in short term financing issues. The group is dependent upon the support of its bankers in the short term to continue trading, but is confident in obtaining new longer term financing and investment, although, this is not guaranteed. These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate.

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 Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEVENSEAT LTD.


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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 five and six, 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 group's and the parent 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 group or the parent 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:

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LEVENSEAT LTD.


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.




Marguerite Roos BAcc CA (Senior Statutory Auditor)
for and on behalf of Galbraith Pritchards
Chartered Accountants and Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

22 April 2024

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £    £    £   

TURNOVER 33,462,366 27,979,611

Cost of sales 27,713,356 20,454,604
GROSS PROFIT 5,749,010 7,525,007

Administrative expenses 8,388,847 5,963,405
(2,639,837 ) 1,561,602

Other operating income 3 508,941 546,414
OPERATING (LOSS)/PROFIT 5 (2,130,896 ) 2,108,016

Income from interest in associated
undertakings

34,716

46,055
Interest receivable and similar income 22,588 -
57,304 46,055
(2,073,592 ) 2,154,071

Interest payable and similar expenses 6 239,503 40,050
(LOSS)/PROFIT BEFORE TAXATION (2,313,095 ) 2,114,021

Tax on (loss)/profit 7 (962,438 ) 467,348
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(1,350,657

)

1,646,673
(Loss)/profit attributable to:
Owners of the parent (1,385,373 ) 1,600,618
Non-controlling interests 34,716 46,055
(1,350,657 ) 1,646,673

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (1,350,657 ) 1,646,673


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,350,657

)

1,646,673

Total comprehensive income attributable to:
Owners of the parent (1,385,373 ) 1,600,618
Non-controlling interests 34,716 46,055
(1,350,657 ) 1,646,673

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 19,987,121 11,569,905
Investments 10
Interest in associate 1,037,395 1,002,679
Other investments 1,640,981 2,027,979
Investment property 11 624,916 553,267
23,290,413 15,153,830

CURRENT ASSETS
Stocks 12 227,191 169,385
Debtors: amounts falling due within one year 13 7,254,734 6,438,635
Debtors: amounts falling due after more than
one year

13

595,000

-
Cash at bank and in hand 2,266 2,740,224
8,079,191 9,348,244
CREDITORS
Amounts falling due within one year 14 13,148,132 8,260,293
NET CURRENT (LIABILITIES)/ASSETS (5,068,941 ) 1,087,951
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,221,472

16,241,781

CREDITORS
Amounts falling due after more than one
year

15

(6,698,278

)

(2,667,232

)

PROVISIONS FOR LIABILITIES 19 (3,954,285 ) (4,654,983 )
NET ASSETS 7,568,909 8,919,566

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

CONSOLIDATED BALANCE SHEET - continued
31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 900 900
Share premium 21 99,102 99,102
Revaluation reserve 21 2,855,176 2,855,176
Retained earnings 21 4,426,336 5,811,709
SHAREHOLDERS' FUNDS 7,381,514 8,766,887

NON-CONTROLLING INTERESTS 187,395 152,679
TOTAL EQUITY 7,568,909 8,919,566


The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2024 and were signed on its behalf by:




A J Hamilton - Director



D Walker - Director


LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

COMPANY BALANCE SHEET
31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 19,987,122 11,569,906
Investments 10 2,491,222 2,878,220
Investment property 11 371,783 300,134
22,850,127 14,748,260

CURRENT ASSETS
Stocks 12 227,191 169,385
Debtors: amounts falling due within one year 13 7,254,593 6,438,494
Debtors: amounts falling due after more than
one year

13

848,033

253,033
Cash at bank and in hand 2,266 2,740,224
8,332,083 9,601,136
CREDITORS
Amounts falling due within one year 14 13,148,132 8,260,294
NET CURRENT (LIABILITIES)/ASSETS (4,816,049 ) 1,340,842
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,034,078

16,089,102

CREDITORS
Amounts falling due after more than one
year

15

(6,698,278

)

(2,667,232

)

PROVISIONS FOR LIABILITIES 19 (3,954,285 ) (4,654,983 )
NET ASSETS 7,381,515 8,766,887

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

COMPANY BALANCE SHEET - continued
31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 900 900
Share premium 21 99,102 99,102
Revaluation reserve 21 2,855,176 2,855,176
Retained earnings 21 4,426,337 5,811,709
SHAREHOLDERS' FUNDS 7,381,515 8,766,887

Company's (loss)/profit for the financial year (1,385,372 ) 1,600,617


The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2024 and were signed on its behalf by:




A J Hamilton - Director



D Walker - Director


LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 January 2021 900 4,211,091 99,102

Changes in equity
Total comprehensive income - 1,600,618 -
Balance at 31 December 2021 900 5,811,709 99,102

Changes in equity
Total comprehensive income - (1,385,373 ) -
Balance at 31 December 2022 900 4,426,336 99,102
Revaluation Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2021 2,855,176 7,166,269 106,624 7,272,893

Changes in equity
Total comprehensive income - 1,600,618 46,055 1,646,673
Balance at 31 December 2021 2,855,176 8,766,887 152,679 8,919,566

Changes in equity
Total comprehensive income - (1,385,373 ) 34,716 (1,350,657 )
Balance at 31 December 2022 2,855,176 7,381,514 187,395 7,568,909

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2021 900 4,211,092 99,102 2,855,176 7,166,270

Changes in equity
Total comprehensive income - 1,600,617 - - 1,600,617
Balance at 31 December 2021 900 5,811,709 99,102 2,855,176 8,766,887

Changes in equity
Total comprehensive income - (1,385,372 ) - - (1,385,372 )
Balance at 31 December 2022 900 4,426,337 99,102 2,855,176 7,381,515

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

31/12/22 31/12/21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,708,597 3,620,420
Interest paid (172,504 ) (2,087 )
Interest element of hire purchase payments
paid

(66,999

)

(37,963

)
Tax paid 2,358 (150,530 )
Net cash from operating activities 1,471,452 3,429,840

Cash flows from investing activities
Purchase of tangible fixed assets (10,730,034 ) (5,154,012 )
Purchase of fixed asset investments (13,000 ) (104,000 )
Purchase of investment property (71,649 ) -
Sale of tangible fixed assets 195,682 62,500
Interest received 22,588 -
Net cash from investing activities (10,596,413 ) (5,195,512 )

Cash flows from financing activities
New loans in year 5,000,000 500,000
Loan repayments in year (333,474 ) (92,247 )
New hire purchase loans in year 967,143 2,758,306
Capital repayments in year (986,321 ) (643,372 )
Net cash from financing activities 4,647,348 2,522,687

(Decrease)/increase in cash and cash equivalents (4,477,613 ) 757,015
Cash and cash equivalents at beginning of
year

2

1,977,811

1,220,796

Cash and cash equivalents at end of year 2 (2,499,802 ) 1,977,811

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/12/22 31/12/21
£    £   
(Loss)/profit before taxation (2,313,095 ) 2,114,021
Depreciation charges 2,195,717 1,766,540
Profit on disposal of fixed assets (78,581 ) (62,500 )
Loss on revaluation of fixed assets 399,998 -
Finance costs 239,503 40,050
Finance income (57,304 ) (46,055 )
386,238 3,812,056
Increase in stocks (57,806 ) (38,793 )
Increase in trade and other debtors (1,321,965 ) (762,892 )
Increase in trade and other creditors 2,702,130 610,049
Cash generated from operations 1,708,597 3,620,420

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 2,266 2,740,224
Bank overdrafts (2,502,068 ) (762,413 )
(2,499,802 ) 1,977,811
Year ended 31 December 2021
31/12/21 1/1/21
£    £   
Cash and cash equivalents 2,740,224 1,220,796
Bank overdrafts (762,413 ) -
1,977,811 1,220,796


LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/22 Cash flow At 31/12/22
£    £    £   
Net cash
Cash at bank and in hand 2,740,224 (2,737,958 ) 2,266
Bank overdrafts (762,413 ) (1,739,655 ) (2,502,068 )
1,977,811 (4,477,613 ) (2,499,802 )
Debt
Finance leases (3,147,278 ) 19,178 (3,128,100 )
Debts falling due within 1 year (85,958 ) (418,042 ) (504,000 )
Debts falling due after 1 year (414,042 ) (4,248,484 ) (4,662,526 )
(3,647,278 ) (4,647,348 ) (8,294,626 )
Total (1,669,467 ) (9,124,961 ) (10,794,428 )

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Levenseat Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

GOING CONCERN
The group incurred a net loss of £1,350,657 during the year ended 31 December 2022 and, as of that date, the group's current liabilities exceeded its current assets by £5,068,941. This is a result of investing in a new facility which proved to be more expensive than anticipated and has resulted in short term financing issues. The group is dependent upon the support of its bankers in the short term to continue trading, but, is confident in obtaining new longer term financing and investment, however, this is not guaranteed The directors believe that is remains appropriate to prepare the financial statements on a going concern basis.

BASIS OF CONSOLIDATION
The group financial statements consolidate the financial statements of the company and its subsidiaries; Levenseat Organics Limited, Levenseat Recycling Limited and Levenseat House Limited. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company's accounting policies, which are described in this note, 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 based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

TURNOVER
Revenue represents the income received excluding value added tax, trade discounts and intercompany sales, in the ordinary course of business for goods and services provided. Revenue is measured at the fair value of consideration given and is recognised on receipt of waste and on sale of recyclable materials. Landfill tax is included within both revenue and cost of sales.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5% on cost
Plant and machinery - at variable rates on reducing balance

A review of impairment is carried out at each reporting date. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES
In the Company balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

In the Group financial statements, investments in associates are accounted for using the equity method. Investments in associates are initially recognised at the transaction price and are subsequently adjusted to reflect the Group's share of the profit or loss and other comprehensive income of the associate.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
Interest- bearing loans receivable are basic financial instruments initially recognised at the present value of cash receivable (including interest). After initial recognition they are measured at amortised cost using the effective interest method, less any impairment.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

LANDFILL PROVISIONS
Provisions for the reinstatement of landfill sites and environmental costs are made in compliance with both SEPA and planning authority regulations. The costs are charged to the profit and loss over the operational life of the landfill site on the basis of the usage of void space. The environmental costs are provided for based on the Directors expectation that the obligation will have been fulfilled 60 years post closure of the site.

3. OTHER OPERATING INCOME
31/12/22 31/12/21
£    £   
Rents received 191,942 215,980
Sundry receipts 28,374 64,820
Electricity generation income 288,625 227,741
Government grants - 37,873
508,941 546,414

4. EMPLOYEES AND DIRECTORS
31/12/22 31/12/21
£    £   
Wages and salaries 5,524,810 5,023,277
Social security costs 588,207 505,174
Other pension costs 120,649 104,857
6,233,666 5,633,308

The average number of employees during the year was as follows:
31/12/22 31/12/21

Production 125 123
Management 5 4
Administration 21 20
151 147

The average number of employees by undertakings that were proportionately consolidated during the year was 151 (2021 - 147 ) .

31/12/22 31/12/21
£    £   
Directors' remuneration 276,361 169,289

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

Money purchase schemes 3 3

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 31 December 2022 is as follows:
31/12/22
£   
Emoluments etc 103,965

5. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging/(crediting):

31/12/22 31/12/21
£    £   
Depreciation - owned assets 1,563,138 1,404,090
Depreciation - assets on hire purchase contracts 632,579 362,450
Profit on disposal of fixed assets (78,581 ) (62,500 )
Auditors' remuneration 18,000 17,000
Foreign exchange differences - 2,959

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/22 31/12/21
£    £   
Bank interest - 522
Bank loan interest 172,504 1,565
Hire purchase 66,999 37,963
239,503 40,050

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
31/12/22 31/12/21
£    £   
Current tax:
UK corporation tax (91,492 ) -

Deferred tax (870,946 ) 467,348
Tax on (loss)/profit (962,438 ) 467,348

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


7. TAXATION - continued

RECONCILIATION OF TOTAL TAX (CREDIT)/CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/22 31/12/21
£    £   
(Loss)/profit before tax (2,313,095 ) 2,114,021
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19 % (2021 - 19 %)

(439,488

)

401,664

Effects of:
Expenses not deductible for tax purposes 3,579 3,393
Capital allowances in excess of depreciation (1,163,771 ) -
Utilisation of tax losses (91,492 ) -

Deferred tax (870,946 ) 467,348
Other tax adjustments (6,596 ) (8,750 )
Capital allowances in advance of depreciation - (573,658 )
Losses brought forward 1,606,276 177,351
Total tax (credit)/charge (962,438 ) 467,348

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. TANGIBLE FIXED ASSETS

Group
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 January 2022 3,329,006 20,432,916 23,761,922
Additions 3,803,364 6,926,670 10,730,034
Disposals - (382,280 ) (382,280 )
At 31 December 2022 7,132,370 26,977,306 34,109,676
DEPRECIATION
At 1 January 2022 347,679 11,844,338 12,192,017
Charge for year 21,941 2,173,776 2,195,717
Eliminated on disposal - (265,179 ) (265,179 )
At 31 December 2022 369,620 13,752,935 14,122,555
NET BOOK VALUE
At 31 December 2022 6,762,750 13,224,371 19,987,121
At 31 December 2021 2,981,327 8,588,578 11,569,905

Cost or valuation at 31 December 2022 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2003 1,575,691 - 1,575,691
Valuation in 2015 1,279,485 - 1,279,485
Cost 4,277,194 26,977,306 31,254,500
7,132,370 26,977,306 34,109,676

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31/12/22 31/12/21
£    £   
Cost 4,277,194 473,830
Aggregate depreciation 369,620 261,670

Value of land in freehold land and buildings 6,693,337 2,889,974

Freehold land and buildings were valued on an open market basis on by the directors .

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2022 5,507,003
Additions 1,111,979
Transfer to ownership (571,030 )
At 31 December 2022 6,047,952
DEPRECIATION
At 1 January 2022 1,174,253
Charge for year 632,579
Transfer to ownership (444,925 )
At 31 December 2022 1,361,907
NET BOOK VALUE
At 31 December 2022 4,686,045
At 31 December 2021 4,332,750

Company
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 January 2022 3,329,006 20,432,917 23,761,923
Additions 3,803,364 6,926,670 10,730,034
Disposals - (382,280 ) (382,280 )
At 31 December 2022 7,132,370 26,977,307 34,109,677
DEPRECIATION
At 1 January 2022 347,679 11,844,338 12,192,017
Charge for year 21,941 2,173,776 2,195,717
Eliminated on disposal - (265,179 ) (265,179 )
At 31 December 2022 369,620 13,752,935 14,122,555
NET BOOK VALUE
At 31 December 2022 6,762,750 13,224,372 19,987,122
At 31 December 2021 2,981,327 8,588,579 11,569,906

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 December 2022 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2003 1,575,691 - 1,575,691
Valuation in 2015 1,279,485 - 1,279,485
Cost 4,277,194 26,977,307 31,254,501
7,132,370 26,977,307 34,109,677

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31/12/22 31/12/21
£    £   
Cost 3,973,830 473,830
Aggregate depreciation 369,620 347,679

Value of land in freehold land and buildings 6,459,386 2,981,326

Freehold land and buildings were valued on an open market value basis on 31 December 2022 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2022 5,507,003
Additions 1,111,979
Transfer to ownership (571,030 )
At 31 December 2022 6,047,952
DEPRECIATION
At 1 January 2022 1,174,253
Charge for year 632,579
Transfer to ownership (444,925 )
At 31 December 2022 1,361,907
NET BOOK VALUE
At 31 December 2022 4,686,045
At 31 December 2021 4,332,750

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


10. FIXED ASSET INVESTMENTS

Group Company
31/12/22 31/12/21 31/12/22 31/12/21
£    £    £    £   
Shares in group undertakings 1 1 242 242
Participating interests 1,188,175 1,153,459 1,000,780 1,000,780
LREH loan notes 1,490,200 1,877,198 1,490,200 1,877,198
2,678,376 3,030,658 2,491,222 2,878,220

Additional information is as follows:

Group
Interest
Shares in Interest in other
group in participating
undertakings associate interests Totals
£    £    £    £   
COST
At 1 January 2022 1 1,002,679 150,780 1,153,460
Share of profit/(loss) - 34,716 - 34,716
At 31 December 2022 1 1,037,395 150,780 1,188,176
NET BOOK VALUE
At 31 December 2022 1 1,037,395 150,780 1,188,176
At 31 December 2021 1 1,002,679 150,780 1,153,460
Company
Interest
Shares in Interest in other
group in participating
undertakings associate interests Totals
£    £    £    £   
COST
At 1 January 2022
and 31 December 2022 242 850,000 150,780 1,001,022
NET BOOK VALUE
At 31 December 2022 242 850,000 150,780 1,001,022
At 31 December 2021 242 850,000 150,780 1,001,022

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

SUBSIDIARIES

Levenseat Organics Limited
Registered office: By Forth, Lanark ML11 8EP
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00
31/12/22 31/12/21
£    £   
Aggregate capital and reserves 141 141

Levenseat Recycling Limited
Registered office: Forth, Lanark ML11 8EP
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00
31/12/22 31/12/21
£    £   
Aggregate capital and reserves 100 100

Levenseat House Limited
Registered office: Levenseat Waste Management Site, Wilsontown, Lanark ML11 8EP
Nature of business: Non- trading
%
Class of shares: holding
Ordinary 100.00
31/12/22 31/12/21
£    £   
Aggregate capital and reserves 100 100

ASSOCIATED COMPANIES

Torphin Soilutions Treatment Centre Ltd
Registered office: John Lynch & Co, Torridon House, Torridon Lane, Rosyth KY11
Nature of business: Soil treatment services
%
Class of shares: holding
Ordinary 50.00
31/12/22 31/12/21
£    £   
Aggregate capital and reserves (54,693 ) (30,539 )
Loss for the year (24,154 ) (42,238 )

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


10. FIXED ASSET INVESTMENTS - continued

Forth Resource Management Limited
Registered office: Seacliff Park, Seacliff, North Berwick EH39 5PP
Nature of business: Waste management services
%
Class of shares: holding
Ordinary 33.33
30/4/23 30/4/22
£    £   
Aggregate capital and reserves 2,812,065 2,789,416
Profit for the year 22,649 378,214

Innovative Ash Solutions Ltd
Registered office: Levenseat, By Forth, Lanark, Scotland, ML11 8EP
Nature of business: Recovery of sorted materials
%
Class of shares: holding
Ordinary 50.00
31/12/22 31/12/21
£    £   
Aggregate capital and reserves (163,747 ) 38,401
Loss for the year (202,148 ) (106,943 )

Group
LREH loan
notes
£   
At 1 January 2022 1,877,198
New in year 13,000
Other movement (399,998 )
At 31 December 2022 1,490,200

Company
LREH loan
notes
£   
At 1 January 2022 1,877,198
New in year 13,000
Other movement (399,998 )
At 31 December 2022 1,490,200

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2022 553,267
Additions 71,649
At 31 December 2022 624,916
NET BOOK VALUE
At 31 December 2022 624,916
At 31 December 2021 553,267

Company
Total
£   
FAIR VALUE
At 1 January 2022 300,134
Additions 71,649
At 31 December 2022 371,783
NET BOOK VALUE
At 31 December 2022 371,783
At 31 December 2021 300,134

Investment property was valued on an open market basis on 31 December 2022 by the directors.

12. STOCKS

Group Company
31/12/22 31/12/21 31/12/22 31/12/21
£    £    £    £   
Stocks 227,191 169,385 227,191 169,385

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


13. DEBTORS

Group Company
31/12/22 31/12/21 31/12/22 31/12/21
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,578,024 4,304,044 3,578,024 4,304,044
Amounts owed by associates 597,676 - 597,676 -
Other debtors 103,638 534,669 103,497 534,528
Tax 140,136 51,002 140,136 51,002
Prepayments 2,306,783 1,026,734 2,306,783 1,026,734
Accrued income 528,477 522,186 528,477 522,186
7,254,734 6,438,635 7,254,593 6,438,494

Amounts falling due after more than one year:
Loan Levenseat House Ltd - - 253,033 253,033
Amounts due by associates 595,000 - 595,000 -
595,000 - 848,033 253,033

Aggregate amounts 7,849,734 6,438,635 8,102,626 6,691,527

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/12/22 31/12/21 31/12/22 31/12/21
£    £    £    £   
Bank loans and overdrafts (see note 16) 3,006,068 848,371 3,006,068 848,371
Hire purchase contracts (see note 17) 1,092,348 894,088 1,092,348 894,088
Trade creditors 6,685,790 2,612,298 6,685,790 2,612,299
Landfill tax 1,011,043 2,262,680 1,011,043 2,262,680
Social security and other taxes 467,602 586,224 467,602 586,224
Other creditors 41,639 9,232 41,639 9,232
Provision for reinstatement and aftercare of
landfills

100,000

100,000

100,000

100,000
Accrued expenses 743,642 947,400 743,642 947,400
13,148,132 8,260,293 13,148,132 8,260,294

Included in accruals at the year end are outstanding pension contributions of £10,915 (2021 £26,808).

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31/12/22 31/12/21 31/12/22 31/12/21
£    £    £    £   
Bank loans (see note 16) 4,662,526 414,042 4,662,526 414,042
Hire purchase contracts (see note 17) 2,035,752 2,253,190 2,035,752 2,253,190
6,698,278 2,667,232 6,698,278 2,667,232

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31/12/22 31/12/21 31/12/22 31/12/21
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,502,068 762,413 2,502,068 762,413
Bank loans 504,000 85,958 504,000 85,958
3,006,068 848,371 3,006,068 848,371
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,952,090 414,042 1,952,090 414,042
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,710,436 - 2,710,436 -

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31/12/22 31/12/21
£    £   
Gross obligations repayable:
Within one year 1,169,781 952,890
Between one and five years 2,183,369 2,418,164
3,353,150 3,371,054

Finance charges repayable:
Within one year 77,433 58,802
Between one and five years 147,617 164,974
225,050 223,776

Net obligations repayable:
Within one year 1,092,348 894,088
Between one and five years 2,035,752 2,253,190
3,128,100 3,147,278

Company
Hire purchase contracts
31/12/22 31/12/21
£    £   
Gross obligations repayable:
Within one year 1,169,781 952,890
Between one and five years 2,183,369 2,418,164
3,353,150 3,371,054

Finance charges repayable:
Within one year 77,433 58,802
Between one and five years 147,617 164,974
225,050 223,776

Net obligations repayable:
Within one year 1,092,348 894,088
Between one and five years 2,035,752 2,253,190
3,128,100 3,147,278

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31/12/22 31/12/21 31/12/22 31/12/21
£    £    £    £   
Bank loans 5,166,526 500,000 5,166,526 500,000
Hire purchase contracts 3,128,100 3,147,278 3,128,100 3,147,278
8,294,626 3,647,278 8,294,626 3,647,278

Levenseat Ltd has granted standard security charges to various entities who have been granted a lease to operate business activities on company owned property. A floating charge has been granted to Virgin Money (formerly Clydesdale Bank) for the provision of invoice financing facility and term loan.

19. PROVISIONS FOR LIABILITIES

Group Company
31/12/22 31/12/21 31/12/22 31/12/21
£    £    £    £   
Deferred tax 436,961 1,307,906 436,961 1,307,906
Other provisions
Provision for reinstatement and aftercare of
landfills

3,517,324

3,347,077

3,517,324

3,347,077

Aggregate amounts 3,954,285 4,654,983 3,954,285 4,654,983

Group
Reinstatement
Deferred of
tax landfills
£    £   
Balance at 1 January 2022 1,307,906 3,347,077
Provided during year (870,945 ) 211,584
Credit to Income Statement during year - (41,337 )
Balance at 31 December 2022 436,961 3,517,324

Company
Deferred Reinstatement
tax oflandfills
£    £   
Balance at 1 January 2022 1,307,906 3,347,077
Provided during year (870,945 ) 211,584
Credit to Income Statement during year - (41,337 )
Balance at 31 December 2022 436,961 3,517,324

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


19. PROVISIONS FOR LIABILITIES - continued

Land reinstatement and environmental provisions

As part of its normal activities, Levenseat Ltd undertakes to reinstate its landfill sites as well as maintain the sites and control leachate and methane emissions. Provision is made for these anticipated costs and they are incurred as each site is filled, and for a number of years after its closure.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/22 31/12/21
value: £    £   
900 Ordinary £1 900 900

21. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2022 5,811,709 99,102 2,855,176 8,765,987
Deficit for the year (1,385,373 ) (1,385,373 )
At 31 December 2022 4,426,336 99,102 2,855,176 7,380,614

Company
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 January 2022 5,811,709 99,102 2,855,176 8,765,987
Deficit for the year (1,385,372 ) (1,385,372 )
At 31 December 2022 4,426,337 99,102 2,855,176 7,380,615


22. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
31/12/22 31/12/21
£    £   
Sales 2,178 69,577
Amount due from related party 314,681 414,246
Amount due to related party 4,973 4,973

LEVENSEAT LTD. (REGISTERED NUMBER: SC094831)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


22. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
31/12/22 31/12/21
£    £   
Sales 585 587
Purchases 308,471 391,841
Amount due from related party 30,236 30,236
Amount due to related party 65,714 43,469

Entities with common directors
31/12/22 31/12/21
£    £   
Sales 7,394,222 5,891,525
Purchases 8,969,796 7,817,783
Amount due from related party 1,468,493 1,217,369
Amount due to related party 615,377 728,944

23. ULTIMATE CONTROLLING PARTY

In the opinion of the directors, there is no ultimate controlling party.