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REGISTERED NUMBER: SC100833 (Scotland)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

LTS International Limited

LTS International Limited (Registered number: SC100833)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


LTS International Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Dr P G Abbot
P V M Davelid
C T Boesen
S D Geller
K Kloch
T G Lundstroem





REGISTERED OFFICE: Pentlands Science Park, Bush Loan
Penicuik
Nr Edinburgh
EH26 0PH





REGISTERED NUMBER: SC100833 (Scotland)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

LTS International Limited (Registered number: SC100833)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

REVIEW OF BUSINESS
On 31 October 2022 the continuing net assets and trading activities of LTS International Limited were sold to NIRAS Group UK Ltd, both wholly owned by NIRAS Gruppen A/S. The consideration of the sale was equal to the net book value and the activities have continued unchanged in the new group structure.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Dr P G Abbot
P V M Davelid
C T Boesen
S D Geller
K Kloch
T G Lundstroem

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LTS International Limited (Registered number: SC100833)

Report of the Directors
for the Year Ended 31 December 2023


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

AUDITORS
The auditors, Krogh & Partners Limited, (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Dr P G Abbot - Director


14 March 2024

Report of the Independent Auditors to the Members of
LTS International Limited (Registered number: SC100833)

Opinion
We have audited the financial statements of LTS International Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
LTS International Limited (Registered number: SC100833)


Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Report of the Independent Auditors to the Members of
LTS International Limited (Registered number: SC100833)


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, and anti-bribery;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
LTS International Limited (Registered number: SC100833)


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

14 March 2024

LTS International Limited (Registered number: SC100833)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 1,010,377 9,216,380

Cost of sales 865,572 6,259,057
GROSS PROFIT 144,805 2,957,323

Administrative expenses 77,443 2,853,723
OPERATING PROFIT 67,362 103,600

Interest receivable and similar
income

11,474

3,573
PROFIT BEFORE TAXATION 78,836 107,173

Tax on profit 5 5,165 91,347
PROFIT FOR THE FINANCIAL
YEAR

73,671

15,826

LTS International Limited (Registered number: SC100833)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 73,671 15,826


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

73,671

15,826

LTS International Limited (Registered number: SC100833)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 6 3,140,547 4,070,433
Cash at bank 996,871 288,076
4,137,418 4,358,509
CREDITORS
Amounts falling due within one year 7 17,705 312,467
NET CURRENT ASSETS 4,119,713 4,046,042
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,119,713

4,046,042

CAPITAL AND RESERVES
Called up share capital 8 105,275 105,275
Share premium 25,000 25,000
Capital redemption reserve 69,850 69,850
Retained earnings 3,919,588 3,845,917
SHAREHOLDERS' FUNDS 4,119,713 4,046,042

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:





Dr P G Abbot - Director


LTS International Limited (Registered number: SC100833)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 105,275 3,830,091 25,000 69,850 4,030,216

Changes in equity
Total comprehensive income - 15,826 - - 15,826
Balance at 31 December 2022 105,275 3,845,917 25,000 69,850 4,046,042

Changes in equity
Total comprehensive income - 73,671 - - 73,671
Balance at 31 December 2023 105,275 3,919,588 25,000 69,850 4,119,713

LTS International Limited (Registered number: SC100833)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

LTS International Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Project expenses
Project expenses include expenses directly attributable to projects excluding salaries and including travel expenses, external expenses as well as other expenses.

External expenses
External expenses include administrative expenses, office expenses, marketing expenses as well as other expenses.

Taxation
Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallised based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset.

LTS International Limited (Registered number: SC100833)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

Debtors
Debtors are valued individually and there are made provision according to this valuation.

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 36 ).

4. DIRECTORS' EMOLUMENTS

2023 2022
£ £

Remuneration for qualifying services 0 148,937
Company pension contributions to defined contribution
scheme


0


28,993
0 177,930

The number of directors for whom retirement benefits are accruing under defined contribution scheme amounted to 0 (2022 - 1).

LTS International Limited (Registered number: SC100833)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 19,709 91,347
Adjustment in respect of prior
periods (14,544 ) -

Tax on profit 5,165 91,347

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Trade debtors 30,334 617,669
Amounts owed by group undertakings 3,110,213 2,665,102
Work in progress - 776,902
Tax - 1,204
Prepayments and accrued income - 9,556
3,140,547 4,070,433

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Work in progress - 142,927
Trade creditors 4,845 48,539
Tax 4,715 -
VAT 3,145 70,393
Accruals and deferred income 5,000 50,608
17,705 312,467

LTS International Limited (Registered number: SC100833)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
105,275 Ordinary 1 105,275 105,275

9. ULTIMATE CONTROLLING PARTY

The controlling party is NIRAS Gruppen A/S (incorporated in Denmark).

NIRAS Gruppen A/S (incorporated in Denmark) is the largest and smallest group to consolidate these financial statements and copies can be obtained from:

NIRAS Gruppen A/S
Sortemosevej 19
DK-3450 Alleroed
Denmark

or

www.cvr.dk

The ultimate parent undertaking is the NIRAS-ALECTIA Fonden, a foundation registered in Denmark.