Company registration number 02490141 (England and Wales)
LFF (SCOTLAND) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LFF (SCOTLAND) LTD
COMPANY INFORMATION
Directors
Mr M H Prior
Mr R J McLean
Mr S J Poulten
Mr K F Milne
Mr M E Barber
Mr B J Hassell
Mr S Brackstone
Secretary
Mr B J Hassell
Company number
02490141
Registered office
Level 5A
Maple House
149 Tottenham Court Road
London
W1T 7NF
Auditor
Silver Levene (UK) Limited
Chartered Certified Accountants
Level 5A, Maple House
149 Tottenham Court Road
London
W1T 7NF
Business address
Peregrine Road
Westhill Business Park
Westhill
Aberdeen
Scotland
AB32 6JL
LFF (SCOTLAND) LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
LFF (SCOTLAND) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

This strategic financial report provides an overview of LFF Scotland’s economic performance during the fiscal year 2023, highlighting its financial achievements, growth strategies, and commitment to sustainable practice. The report aims to demonstrate the company’s strong position in the market and its efforts to become an industry leader in the supply of pipes, fittings, and flanges to the energy industry including green and renewable projects, particularly hydrogen and carbon capture in line with the wider LFF Group.

Financial Performance

In 2023, LFF Scotland exceeded expectations and achieved significantly improved financial results, with a large increase in both turnover and gross profit. Turnover increased to £53,501,663 (2022: £34,211,818) and gross profit reached £7,661,460 (2023:£4,149,327).This higher level of growth can be attributed to several factors including continued high energy prices and concern for energy security relating to the Russian invasion of Ukraine and the ongoing conflict, and most significantly the implementation of projects deferred during the COVID-19 pandemic.

 

Business Strategy

Strategically LFF Scotland's focus remains on escalating our position as a leading supplier of piping products to the energy industry and increasing our share of the expanding renewables energy market including green projects covering hydrogen and carbon capture initiatives. The company and wider LFF Group fully appreciate the critical need for sustainable energy solutions and continue to focus on the growing opportunities available in this area.  The LFF Group including LFF Scotland's operations are aligned with the principles of the UN Global Compact which reaffirms our commitment to ethical and responsible business practices.

 

Supply Chain and Expansion

An efficient and dynamic supply chain is critical to LFF Scotland's success and the LFF Group's expansion strategy. Our supply chain qualification and management process are well resourced commensurate with the importance the group attaches to the integrity of our products and ensures we supply from best-in-class manufacturing sources. This proactive approach to our supply chain ensures we maintain and strengthen our competitive advantage in the market. The LFF Group continues to expand its global footprint with investment in new markets and this facilitates access to new clients and manufacturing sources.

Risk Management

While achieving successful growth, LFF Scotland continues to apply robust processes to mitigate potential risks associated with its operations both in the UK and other geographical areas. The application of effective risk assessments and group management protocols ensures business continuity and resilience in our business activities in competitive and dynamic market environments.

Outlook

While the expectation is for a successful 2024, the political uncertainty relating to the UK general election and the continuation of the UK windfall tax applied to UK oil & gas companies makes it a challenge to emulate the levels of 2023. Investment in some North Sea developments is likely to be deferred pending clarification of the political landscape and therefore reduce the available business opportunities related to the UK domestic market. The UK political ambiguity will not affect the Caspian market which we aniticipate will remain very active throughout 2024. The company's focus remains on the supply of pipes, fittings, and flanges for projects and maintenance requirements, including renewable initiatives in line with market trends.

 

Conclusion

In conclusion, LFF Scotland's successful financial performance in 2023 is reflective of the company's strategic focus on maintaining its position as a market leader in the supply of pipe, fittings, and flanges to the energy industries in the UK and Caspian region including the renewables sector. The company's commitment to ethical practices and adherence to the UN Global Compact principles underline its dedication to sustainable and responsible business practices. By continuously strengthening its supply chain and exploring new markets, LFF Scotland demonstrates its readiness to seize future opportunities and challenges in the dynamic energy landscape.

 

LFF (SCOTLAND) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Mr R J McLean
Director
11 July 2024
LFF (SCOTLAND) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and its subsidiaries continued to be the supply of pipes, fittings, flanges, studbolts, gaskets and valves in a variety of materials and electrical equipment.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M H Prior
Mr R J McLean
Mr S J Poulten
Mr K F Milne
Mr M E Barber
Mr B J Hassell
Mr S Brackstone
Financial instruments
Treasury policies and organisation
The Company's principal treasury operations are coordinated by the Group treasury function. All treasury operations are conducted within a framework of policies and procedures approved by the Board. As a matter of policy, the Company does not undertake speculative transactions that would increase its currency or interest rate exposure.
Interest rate risk
The Company is exposed to interest rate risk on cash and cash equivalents and on foreign exchange contracts. As the Company maintains all of its cash, liquid investments and foreign exchange contracts on a short term basis for liquidity purposes, this risk is not actively managed.
Foreign currency risk

The Company transacts some of its business in US Dollars and Euros. Exposure to these foreign currencies is managed using spot or forward trades.

Credit risk
The Company continues to evaluate its accounts receivable for potential collection risks and has made provision for amounts where collection is considered to be doubtful.
Auditor

The auditor, Silver Levene (UK) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

LFF (SCOTLAND) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of directors' responsibilities

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 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:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr R J McLean
Mr B J Hassell
Director
Director
11 July 2024
LFF (SCOTLAND) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LFF (SCOTLAND) LTD
- 5 -
Opinion

We have audited the financial statements of LFF (Scotland) Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LFF (SCOTLAND) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LFF (SCOTLAND) LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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.

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

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

 

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

 

 

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

LFF (SCOTLAND) LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LFF (SCOTLAND) LTD
- 7 -

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Marc Ian Franks
Senior Statutory Auditor
For and on behalf of Silver Levene (UK) Limited
Chartered Certified Accountants
Statutory Auditor
Level 5A, Maple House
149 Tottenham Court Road
London
W1T 7NF
22 July 2024
LFF (SCOTLAND) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
53,501,663
34,211,818
Cost of sales
(45,840,203)
(30,062,491)
Gross profit
7,661,460
4,149,327
Administrative expenses
(3,713,300)
(3,049,128)
Other operating income
2,692
-
0
Operating profit
4
3,950,852
1,100,199
Interest receivable and similar income
7
20,671
584,485
Interest payable and similar expenses
8
(2,346)
(1,058)
Profit before taxation
3,969,177
1,683,626
Tax on profit
9
(939,122)
(220,878)
Profit for the financial year
3,030,055
1,462,748

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LFF (SCOTLAND) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
122,462
103,194
Investments
12
50,889
50,889
173,351
154,083
Current assets
Stocks
15
523,949
595,412
Debtors
16
8,721,548
5,459,682
Cash at bank and in hand
4,119,759
3,304,032
13,365,256
9,359,126
Creditors: amounts falling due within one year
17
(9,252,179)
(6,239,535)
Net current assets
4,113,077
3,119,591
Total assets less current liabilities
4,286,428
3,273,674
Creditors: amounts falling due after more than one year
18
(21,118)
(37,419)
Provisions for liabilities
Deferred tax liability
20
5,585
6,585
(5,585)
(6,585)
Net assets
4,259,725
3,229,670
Capital and reserves
Called up share capital
22
42,424
42,424
Capital redemption reserve
176,766
176,766
Profit and loss reserves
4,040,535
3,010,480
Total equity
4,259,725
3,229,670

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 11 July 2024 and are signed on its behalf by:
Mr B J Hassell
Director
Company registration number 02490141 (England and Wales)
LFF (SCOTLAND) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
42,424
176,766
3,047,732
3,266,922
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,462,748
1,462,748
Dividends
10
-
-
(1,500,000)
(1,500,000)
Balance at 31 December 2022
42,424
176,766
3,010,480
3,229,670
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,030,055
3,030,055
Dividends
10
-
-
(2,000,000)
(2,000,000)
Balance at 31 December 2023
42,424
176,766
4,040,535
4,259,725
LFF (SCOTLAND) LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,227,112
880,003
Interest paid
(2,346)
(1,058)
Income taxes paid
(362,746)
(248,516)
Net cash inflow from operating activities
2,862,020
630,429
Investing activities
Purchase of tangible fixed assets
(50,663)
(27,297)
Interest received
20,671
-
0
Dividends received
-
0
584,485
Net cash (used in)/generated from investing activities
(29,992)
557,188
Financing activities
Payment of finance leases obligations
(16,301)
(7,302)
Dividends paid
(2,000,000)
(1,500,000)
Net cash used in financing activities
(2,016,301)
(1,507,302)
Net increase/(decrease) in cash and cash equivalents
815,727
(319,685)
Cash and cash equivalents at beginning of year
3,304,032
3,623,717
Cash and cash equivalents at end of year
4,119,759
3,304,032
LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

LFF (Scotland) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Level 5A, Maple House, 149 Tottenham Court Road, London, W1T 7NF. The principal place of business is Peregrine Road, Westhill Business Park, Westhill, Aberdeen, Scotland, AB32 6JL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

LFF (Scotland) Ltd is a wholly owned subsidiary of LFF Scotland Holdings Limited and the ultimate parent company is LFF Holdings Limited and the results of LFF (Scotland) Ltd are included in the consolidated financial statements of LFF Holdings Limited which are available from Christy Way, Southfields Industrial Estate, Basildon, Essex SS15 6TE.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of inspected goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from orders is recognised by reference to the stage of completion of order when the stage of completion of order, costs incurred and costs to complete can be estimated reliably. The stage of completion of order is calculated by comparing order fulfilled as a proportion of total orders. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% - 25% on cost
Motor vehicles
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks and work-in-progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost of raw materials and goods for resale are valued at purchases cost on average basis of inspected goods.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

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 amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and 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 profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

The company operates a number of defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

 

Impairment of stock

Stocks are valued at lower of cost and estimated selling price in the ordinary course of business, less estimated costs of selling expenses. These estimates are based on the current market condition and the historical experience of selling products of similar nature. It could change significantly as a result of changes in customer demand and competitor actions.

 

Typical practice for the company to provide for slow moving stock even though they are not perishable and may be sold in the future depending on the project work undertaken and demand for certain specific parts. Hence most prudent course of action is to write-down stock as timing and certainty of future sale is very much unknown. See note 14 for the net carrying amount of the stocks and associated impairment.

 

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtors, the ageing profile of debtors and historical experience.

 

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
3
Turnover and other revenue

The company is engaged in supply of pipes, fittings, flanges, studbolts, gaskets and valves in a variety of materials and electrical equipment and in the opinion of the directors, it does not carry on classes of business substantially different from each other, therefore only a geographical analysis of the business is included in the financial statements.

 

2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
12,106,343
6,104,319
Rest of the world
41,395,320
28,107,499
53,501,663
34,211,818
2023
2022
£
£
Other revenue
Interest income
20,671
-
Dividends received
-
584,485
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(52,084)
4,606
Fees payable to the company's auditor for the audit of the company's financial statements
39,682
35,106
Depreciation of owned tangible fixed assets
12,996
15,388
Depreciation of tangible fixed assets held under finance leases
18,374
16,001
Loss on disposal of tangible fixed assets
25
-
Operating lease charges
160,000
160,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Office and management
4
5
Production and sales
25
25
Total
29
30
LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,373,065
1,789,573
Social security costs
293,706
181,910
Pension costs
173,279
171,050
2,840,050
2,142,533
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
768,472
691,369
Company pension contributions to defined contribution schemes
20,977
17,920
789,449
709,289

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
179,779
172,690
Company pension contributions to defined contribution schemes
13,047
12,309
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
20,671
-
0
Income from fixed asset investments
Income from shares in group undertakings
-
0
584,485
Total income
20,671
584,485
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
20,671
-
0
LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
1,814
1,058
Other interest
532
-
0
2,346
1,058
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
941,156
218,759
Adjustments in respect of prior periods
(1,034)
-
0
Total current tax
940,122
218,759
Deferred tax
Origination and reversal of timing differences
(1,000)
2,119
Total tax charge
939,122
220,878

During the year, the corporation tax rate increased from current 19% to 25%, starting from 1 April 2023 for companies with profits over £250,000. Therefore, the effective tax rate is 23.52%. For the purposes of deferred tax, this has been provided at the standard corporation tax rate of 25%.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
3,969,177
1,683,626
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
933,572
319,889
Tax effect of expenses that are not deductible in determining taxable profit
14,027
16,424
Change in unrecognised deferred tax assets
(1,000)
-
0
Permanent capital allowances in excess of depreciation
(6,443)
(4,383)
Under/(over) provided in prior years
(1,034)
-
0
Dividend income
-
0
(111,052)
Taxation charge for the year
939,122
220,878
LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Dividends
2023
2022
£
£
Interim paid
2,000,000
1,500,000
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
208,943
350,015
114,123
673,081
Additions
-
0
5,413
45,250
50,663
Disposals
-
0
(1,588)
-
0
(1,588)
At 31 December 2023
208,943
353,840
159,373
722,156
Depreciation and impairment
At 1 January 2023
182,243
329,200
58,444
569,887
Depreciation charged in the year
4,005
6,501
20,864
31,370
Eliminated in respect of disposals
-
0
(1,563)
-
0
(1,563)
At 31 December 2023
186,248
334,138
79,308
599,694
Carrying amount
At 31 December 2023
22,695
19,702
80,065
122,462
At 31 December 2022
26,700
20,815
55,679
103,194

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
37,304
55,679
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
50,889
50,889

Investments represent equity shares in subsidiaries not publicly quoted.

 

 

 

 

 

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Kazakhstan Integrated Services LLP*
Republic of Kazakhstan
Supply of pipeline equipment
Ordinary
-
100.00
Kazakhstan Integrated Services Ltd
England and Wales
Dormant
Ordinary
100.00
-
LFF Caspian Limited
England and Wales
Dormant
Ordinary
88.90
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Kazakhstan Integrated Services LLP*
863,247
259,876
Kazakhstan Integrated Services Ltd
50,000
-
LFF Caspian Limited
1,000
-
0

* Held by subsidiary undertakings

14
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
8,654,117
5,252,218
Carrying amount of financial liabilities
Measured at amortised cost
8,566,032
6,159,476
Forward contracts

The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain receivables and payables.

 

As at 31 December 2023, the outstanding contracts all mature within 6 months of the year end.

 

The company is committed to buy US$386,250 (2022: US$1,706,000) and 1,003,160 (2022: €5,155,000) and to sell US$150,000 (2022: US$600,000) and pay/receive a fixed sterling amount.

 

The fair value of the forward foreign currency contracts is £303,012 (2022: £1,417,061), £869,365 (2022: £4,571,251) and £117,675 (2022: £498,380) respectively.

15
Stocks
2023
2022
£
£
Finished goods and goods for resale
523,949
595,412

Stocks are stated after impairment of £384,334 (2022: £305,041).

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,990,459
4,549,532
Amounts owed by group undertakings
466,761
526,288
Other debtors
232,614
347,826
Prepayments and accrued income
31,714
36,036
8,721,548
5,459,682

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
19
14,907
14,907
Trade creditors
7,539,439
5,617,613
Amounts owed to group undertakings
133,302
60,693
Corporation tax
635,602
58,226
Other taxation and social security
71,663
59,252
Other creditors
8,722
8,459
Accruals and deferred income
848,544
420,385
9,252,179
6,239,535

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

 

The bank holds a debenture incorporating a fixed and floating charge over all the current and future assets of the company.

18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
19
21,118
37,419

Assets held under obligations under finance lease are secured on the assets concerned

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
19
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
14,907
14,907
In two to five years
21,118
37,419
36,025
52,326

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
5,585
6,585
2023
Movements in the year:
£
Liability at 1 January 2023
6,585
Credit to profit or loss
(1,000)
Liability at 31 December 2023
5,585
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
173,279
171,050

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
19,090
19,090
19,090
19,090
'B' Ordinary shares of £1 each
23,334
23,334
23,334
23,334
42,424
42,424
42,424
42,424

All classes of shares rank pari passu in all respects.

23
Financial commitments, guarantees and contingent liabilities

The company is a party to a composite company limited multilateral guarantee with other companies within the group.

 

Assets held as security formally charged to the bank by way of a debenture and first legal charges on all assets of the company.

 

The company's bankers have provided group facilities of £27,410,000 (2022: £39,410,000) in respect of foreign exchange commitments, letter of credits and guarantees of which £10,869,656 (2022: £25,698,919) have been utilized.

24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
169,358
174,204
Between two and five years
469,892
639,250
639,250
813,454
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
789,449
709,289
Transactions with related parties

During the year the company entered into the following transactions with related parties:

LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Related party transactions
(Continued)
- 26 -

The company purchased goods with total value of £77,176 (2022: £71,100) from subsidiaries of FIAL International Trading Spa, companies in which the close family of A Galperti, who has an interest in the ultimate parent company.

 

The company sold goods and services to the value of £1,305,023 (2022: £1,478,954) to fellow subsidiaries within the group.

 

The company also purchased goods and services to the value of £1,263,725 (2022: £1,143,901) from fellow subsidiaries within the group.

 

The amounts owed to and from the group undertakings are disclosed in note 16 and note 17 of these financial statements.

 

The company paid management charges of £159,581 (2022: £145,074) to London Fittings & Flanges, a company within the group, for services rendered.

26
Ultimate controlling party

The immediate parent company is LFF Scotland Holdings Limited and the ultimate parent company is LFF Holdings Limited, both companies incorporated in England and Wales.

 

The smallest and largest group in which the accounts are consolidated are those of the ultimate parent company. Copies of the LFF Holdings Limited consolidated financial statements can be obtained from Christy Way, Southfields Industrial Estate, Basildon, Essex SS15 6TE.

27
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
3,030,055
1,462,748
Adjustments for:
Taxation charged
939,122
220,878
Finance costs
2,346
1,058
Investment income
(20,671)
(584,485)
Loss on disposal of tangible fixed assets
25
-
Depreciation and impairment of tangible fixed assets
31,370
31,389
Movements in working capital:
Decrease in stocks
71,463
221,453
Increase in debtors
(3,261,866)
(1,767,818)
Increase in creditors
2,435,268
1,294,780
Cash generated from operations
3,227,112
880,003
LFF (SCOTLAND) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
28
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,304,032
815,727
4,119,759
Obligations under finance leases
(52,326)
16,301
(36,025)
3,251,706
832,028
4,083,734
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