IRIS Accounts Production v24.2.0.383 07085796 Board of Directors Board of Directors 31.12.23 1.7.23 31.12.23 31.12.23 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true false true true false false true false Ordinary 0 Ordinary "B to E" 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070857962023-06-30070857962023-12-31070857962023-07-012023-12-31070857962022-06-30070857962022-07-012023-06-30070857962023-06-3007085796ns15:EnglandWales2023-07-012023-12-3107085796ns14:PoundSterling2023-07-012023-12-3107085796ns10:Director12023-07-012023-12-3107085796ns10:Director22023-07-012023-12-3107085796ns10:Consolidated2023-12-3107085796ns10:ConsolidatedGroupCompanyAccounts2023-07-012023-12-3107085796ns10:PrivateLimitedCompanyLtd2023-07-012023-12-3107085796ns10:Consolidatedns10:MediumEntities2023-07-012023-12-3107085796ns10:Consolidatedns10:Audited2023-07-012023-12-3107085796ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012023-12-3107085796ns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012023-12-3107085796ns10:Consolidated2023-07-012023-12-3107085796ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012023-12-3107085796ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012023-12-3107085796ns10:FullAccounts2023-07-012023-12-3107085796ns10:OrdinaryShareClass12023-07-012023-12-3107085796ns10:OrdinaryShareClass22023-07-012023-12-3107085796ns10:CompanySecretary12023-07-012023-12-3107085796ns10:CompanySecretary22023-07-012023-12-3107085796ns10:RegisteredOffice2023-07-012023-12-3107085796ns10:Consolidated2022-07-012023-06-3007085796ns5:ShareCapital2023-12-3107085796ns5:ShareCapital2023-06-3007085796ns5:CapitalRedemptionReserve2023-12-3107085796ns5:CapitalRedemptionReserve2023-06-3007085796ns5:RetainedEarningsAccumulatedLosses2023-12-3107085796ns5:RetainedEarningsAccumulatedLosses2023-06-3007085796ns5:ShareCapital2022-06-3007085796ns5:RetainedEarningsAccumulatedLosses2022-06-3007085796ns5:CapitalRedemptionReserve2022-06-3007085796ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3007085796ns5:CapitalRedemptionReserve2022-07-012023-06-3007085796ns5:RetainedEarningsAccumulatedLosses2023-07-012023-12-3107085796ns5:CapitalRedemptionReserve2023-07-012023-12-3107085796ns5:PlantMachinery2023-07-012023-12-3107085796ns5:FurnitureFittings2023-07-012023-12-3107085796ns5:MotorVehicles2023-07-012023-12-3107085796ns5:ComputerEquipment2023-07-012023-12-3107085796ns5:CostValuation2023-06-3007085796ns5:CurrentFinancialInstruments2023-12-3107085796ns5:CurrentFinancialInstruments2023-06-3007085796ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3107085796ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3007085796ns10:OrdinaryShareClass12023-12-3107085796ns10:OrdinaryShareClass22023-12-3107085796ns5:RetainedEarningsAccumulatedLosses2023-06-3007085796ns5:CapitalRedemptionReserve2023-06-30
REGISTERED NUMBER: 07085796 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

FOR

LINDSAY BLEE LIMITED

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditor 5 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10 to 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow
Statement

16


to


17

Notes to the Consolidated Financial
Statements

18


to


28


LINDSAY BLEE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023







DIRECTORS: J J Hills
D Morrison





SECRETARIES: Mrs C Hills
Mrs J A Morrison





REGISTERED OFFICE: Chiltern House
45 Station Road
Henley on Thames
Oxfordshire
RG9 1AT





REGISTERED NUMBER: 07085796 (England and Wales)





AUDITOR: Rusling & Co Limited
The Bloc
Springfield Way
Anlaby
Hull
E. Yorks
HU10 6RJ

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the period 1 July 2023 to 31 December 2023.

REVIEW OF BUSINESS
When reviewing the financial performance of Lindsay Blee & Co Limited through 22/23, we have to remark firstly on the challenges and headwinds. Commodity prices continue to remain near decade highs, and interest rates continued to remain high compared to recent times. Debtors continued to deteriorate in quality, although this was mitigated somewhat through instruments such as insurance and parental guarantees.

However, despite these elements in play, the company was able to once again increase both turnover (85.6%) and profitability (106.3%). Continued development and expansion of our own physical supply network (more trucks / drivers / lifting volume), was an important element, which continued to help broaden our reach and services to new and old customers alike, taking the business a step further upstream on the supply side.

Most significantly, the addition of waterborne supply with our own ship enabled us to secure supply contracts to significantly increase our own volume supplied to market.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks to the company going forward are currency exchange rate volatility, oil price movement and bad debts.

The directors look to mitigate risks by hedging against currency movements, agreeing trade terms and insuring against potentially damaging large bad debts.

ON BEHALF OF THE BOARD:





J J Hills - Director


30 September 2024

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the period 1 July 2023 to 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of bunker brokers.

DIVIDENDS
An interim dividend of 961182 per share on the Ordinary "B to E" £1 shares was paid on 31 December 2023. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the period ended 31 December 2023 will be £ 961,182 .

FUTURE DEVELOPMENTS
Going forward, we expect the challenges to increase, but our expectation for the company is to further grow turnover and profitability, as we continue our strong organic growth path in both new and existing sectors of our industry.

As a strategic and diversity play, we have acquired the UK's biggest independent tanker owner and operator, Whitaker Tankers (John H Whitakers (Tankers) Limited). While we expect the new business to remain (and operate) independent, there are lots of natural synergies that should lead to greater opportunity for growth and profitability, once again setting the foundations for additional prosperity in the coming years.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

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

J J Hills
D Morrison


LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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.

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 auditor is 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 auditor is aware of that information.

AUDITOR
The auditor, Rusling & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J J Hills - Director


30 September 2024

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LINDSAY BLEE LIMITED

Opinion
I have audited the financial statements of Lindsay Blee Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 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 my 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 2023 and of the group's profit for the period 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
I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of my report. I am independent of the group in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC's Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern
In auditing the financial statements, I 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 I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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.

My 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 AUDITOR TO THE MEMBERS OF
LINDSAY BLEE LIMITED


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 my Report of the Auditor thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006
In my 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 I am 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, I have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for my audit have not been received from branches not visited by me; 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
- I have not received all the information and explanations I require for my audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LINDSAY BLEE LIMITED


Auditor's responsibilities for the audit of the financial statements
My 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 Auditor that includes my 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 my procedures are capable of detecting irregularities, including fraud is detailed below:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

A further description of my 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 my Report of the Auditor.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.




Andrew Rusling, FCA (Senior Statutory Auditor)
for and on behalf of Rusling & Co Limited
The Bloc
Springfield Way
Anlaby
Hull
E. Yorks
HU10 6RJ

30 September 2024

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

CONSOLIDATED
INCOME STATEMENT
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

Period Year ended
1/7/23 to 31/12/23 30/6/23
Notes £    £    £    £   

TURNOVER 118,127,950 218,532,303

Cost of sales 115,676,323 212,108,734
GROSS PROFIT 2,451,627 6,423,569

Administrative expenses 1,150,984 1,680,537
OPERATING PROFIT 4 1,300,643 4,743,032

Income from other participating
interests

141,279

-
Interest receivable and similar
income

4,438

125
145,717 125
1,446,360 4,743,157

Interest payable and similar
expenses

5

3,507

14,420
PROFIT BEFORE TAXATION 1,442,853 4,728,737

Tax on profit 6 340,677 1,003,883
PROFIT FOR THE FINANCIAL
PERIOD

1,102,176

3,724,854
Profit attributable to:
Owners of the parent 1,102,176 3,724,854

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

Period
1/7/23
to Year ended
31/12/23 30/6/23
Notes £    £   

PROFIT FOR THE PERIOD 1,102,176 3,724,854


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

1,102,176

3,724,854

Total comprehensive income attributable to:
Owners of the parent 1,102,176 3,724,854

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,217,928 1,123,986
Investments 10
Interest in joint venture
Share of gross assets 78,212 78,212
78,212 78,212
Other investments 100 100
2,296,240 1,202,298

CURRENT ASSETS
Stocks 11 1,454,524 -
Debtors 12 24,087,766 24,938,813
Cash at bank 625,299 788,356
26,167,589 25,727,169
CREDITORS
Amounts falling due within one year 13 21,774,551 20,260,510
NET CURRENT ASSETS 4,393,038 5,466,659
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,689,278

6,668,957

CREDITORS
Amounts falling due after more than
one year

14

(31,501

)

(144,304

)

PROVISIONS FOR LIABILITIES 18 (96,193 ) (104,063 )
NET ASSETS 6,561,584 6,420,590

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

CONSOLIDATED BALANCE SHEET - continued
31 DECEMBER 2023

2023 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 19 1,710 1,710
Capital redemption reserve 20 140 140
Retained earnings 20 6,559,734 6,418,740
SHAREHOLDERS' FUNDS 6,561,584 6,420,590


The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:




J J Hills - Director



D Morrison - Director


LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 100 100
100 100

CURRENT ASSETS
Debtors 12 343,145 201,866
NET CURRENT ASSETS 343,145 201,866
TOTAL ASSETS LESS CURRENT
LIABILITIES

343,245

201,966

CAPITAL AND RESERVES
Called up share capital 19 60 60
Capital redemption reserve 20 140 140
Retained earnings 20 343,045 201,766
SHAREHOLDERS' FUNDS 343,245 201,966

Company's profit for the financial
year

1,102,461

600,000

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:




D Morrison - Director



J J Hills - Director


LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 1,710 3,293,886 140 3,295,736

Changes in equity
Dividends - (600,000 ) - (600,000 )
Total comprehensive income - 3,724,854 - 3,724,854
Balance at 30 June 2023 1,710 6,418,740 140 6,420,590

Changes in equity
Dividends - (961,182 ) - (961,182 )
Total comprehensive income - 1,102,176 - 1,102,176
Balance at 31 December 2023 1,710 6,559,734 140 6,561,584

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 60 201,766 140 201,966

Changes in equity
Dividends - (600,000 ) - (600,000 )
Total comprehensive income - 600,000 - 600,000
Balance at 30 June 2023 60 201,766 140 201,966

Changes in equity
Dividends - (961,182 ) - (961,182 )
Total comprehensive income - 1,102,461 - 1,102,461
Balance at 31 December 2023 60 343,045 140 343,245

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

Period
1/7/23
to Year ended
31/12/23 30/6/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,238,438 478,121
Interest paid (3,507 ) (14,420 )
Tax paid - (376,529 )
Net cash from operating activities 1,234,931 87,172

Cash flows from investing activities
Purchase of tangible fixed assets (1,884,449 ) (864,140 )
Sale of tangible fixed assets 700,000 -
Interest received 4,438 125
Dividends received 141,279 (600,000 )
Net cash from investing activities (1,038,732 ) (1,464,015 )

Cash flows from financing activities
Loan repayments in year - (30,659 )
Capital repayments in year (17,853 ) -
Amount introduced by directors 665,231 -
Amount withdrawn by directors - (248,428 )
Equity dividends paid (961,182 ) -
Net cash from financing activities (313,804 ) (279,087 )

Decrease in cash and cash equivalents (117,605 ) (1,655,930 )
Cash and cash equivalents at
beginning of period

2

684,479

2,340,409

Cash and cash equivalents at end
of period

2

566,874

684,479

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1/7/23
to Year ended
31/12/23 30/6/23
£    £   
Profit before taxation 1,442,853 4,728,737
Depreciation charges 82,774 107,607
Loss on disposal of fixed assets 7,733 -
Finance costs 3,507 14,420
Finance income (145,717 ) (125 )
1,391,150 4,850,639
Increase in stocks (1,454,524 ) -
Decrease/(increase) in trade and other debtors 185,816 (7,726,900 )
Increase in trade and other creditors 1,115,996 3,354,382
Cash generated from operations 1,238,438 478,121

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:

Period ended 31 December 2023
31/12/23 1/7/23
£    £   
Cash and cash equivalents 625,299 788,356
Bank overdrafts (58,425 ) (103,877 )
566,874 684,479
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 788,356 2,340,409
Bank overdrafts (103,877 ) -
684,479 2,340,409


LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 788,356 (163,057 ) 625,299
Bank overdrafts (103,877 ) 45,452 (58,425 )
684,479 (117,605 ) 566,874
Debt
Debts falling due within 1 year (37,392 ) (94,950 ) (132,342 )
Debts falling due after 1 year (144,304 ) 112,803 (31,501 )
(181,696 ) 17,853 (163,843 )
Total 502,783 (99,752 ) 403,031

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

Lindsay Blee Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the 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.

Significant judgements and estimates
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

All sales are recognised on the delivery date of the goods or services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 33% on cost
Computer equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Fixed asset lives
Tangible fixed assets comprise a relatively small proportion of the company's assets.There is judgement involved in determining appropriate rates of depreciation to be used.

Taxation
Taxation for the period 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.

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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 period 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.

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.

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.

Presentation currency
The Financial Statements are presented in £ Sterling.

Financial instruments
Financial Instruments comprise:

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash
Cash and cash equivalents comprises cash on hand and time, call and current balances with banks and similar institutions, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. The definition is also used for the statement of cash flows.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS
Period
1/7/23
to Year ended
31/12/23 30/6/23
£    £   
Wages and salaries 337,908 728,610
Social security costs 44,626 83,121
Other pension costs 14,995 40,695
397,529 852,426

The average number of employees during the period was as follows:
Period
1/7/23
to Year ended
31/12/23 30/6/23

Employee 13 10
Director 2 2
15 12

The average number of employees by undertakings that were proportionately consolidated during the period was 15 (2023 - 12 ) .

Period
1/7/23
to Year ended
31/12/23 30/6/23
£    £   
Directors' remuneration 12,000 24,000
Directors' pension contributions to money purchase schemes 9,062 27,012

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
1/7/23
to Year ended
31/12/23 30/6/23
£    £   
Depreciation - owned assets 82,774 107,607
Loss on disposal of fixed assets 7,733 -
Foreign exchange differences 328,672 214,164

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1/7/23
to Year ended
31/12/23 30/6/23
£    £   
Corporation Tax Interest - 1,973
Loan 3,507 12,447
3,507 14,420

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1/7/23
to Year ended
31/12/23 30/6/23
£    £   
Current tax:
UK corporation tax 348,547 969,636

Deferred tax (7,870 ) 34,247
Tax on profit 340,677 1,003,883

UK corporation tax was charged at 20.49 %) in 2023.

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1/7/23
to Year ended
31/12/23 30/6/23
£    £   
Profit before tax 1,442,853 4,728,737
Profit multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 20.495 %)

360,713

969,155

Effects of:
Expenses not deductible for tax purposes 2,387 5,525
Income not taxable for tax purposes 12,896 -
Depreciation in excess of capital allowances - 34,247
Non-reversible timing differences - (5,044 )
Dividend Income (35,319 ) -
Total tax charge 340,677 1,003,883

7. 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.


8. DIVIDENDS
Period
1/7/23
to Year ended
31/12/23 30/6/23
£    £   
Ordinary "B to E" shares of £1 each
Interim 961,182 600,000

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 239,322 744,000 283,643 26,682 1,293,647
Additions - 1,877,007 - 7,442 1,884,449
Disposals - (744,000 ) - - (744,000 )
At 31 December 2023 239,322 1,877,007 283,643 34,124 2,434,096
DEPRECIATION
At 1 July 2023 29,018 36,267 91,926 12,450 169,661
Charge for period 11,966 43,850 23,367 3,591 82,774
Eliminated on disposal - (36,267 ) - - (36,267 )
At 31 December 2023 40,984 43,850 115,293 16,041 216,168
NET BOOK VALUE
At 31 December 2023 198,338 1,833,157 168,350 18,083 2,217,928
At 30 June 2023 210,304 707,733 191,717 14,232 1,123,986

10. FIXED ASSET INVESTMENTS

Group
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 July 2023
and 31 December 2023 100 78,212 78,312
NET BOOK VALUE
At 31 December 2023 100 78,212 78,312
At 30 June 2023 100 78,212 78,312

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

10. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 30 June 2023 100


11. STOCKS

Group
2023 2023
£    £   
Stocks 1,454,524 -

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2023 2023 2023
£    £    £    £   
Trade debtors 20,975,942 21,406,437 - -
Other debtors 529,746 656,692 343,145 201,866
Directors' current accounts 683,196 1,348,427 - -
Tax 125,855 125,855 - -
VAT 1,438,088 1,071,806 - -
Prepayments and accrued income 334,939 329,596 - -
24,087,766 24,938,813 343,145 201,866

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2023
£    £   
Bank loans and overdrafts (see note 15)
58,425

103,877
Other loans (see note 15) 132,342 37,392
Trade creditors 19,697,081 14,954,435
Tax 1,318,183 969,636
Social security and other taxes 70,220 21,712
Other creditors 417,972 983,808
Accrued expenses 80,328 3,189,650
21,774,551 20,260,510

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

Group
2023 2023
£    £   
Other loans (see note 15) 31,501 144,304

15. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 58,425 103,877
Other loans 132,342 37,392
190,767 141,269
Amounts falling due between one and two years:
Other loans - 1-2 years 31,501 116,880
Amounts falling due between two and five years:
Other loans - 2-5 years - 27,424

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

Group
Non-cancellable operating leases
2023 2023
£    £   
Within one year 43,200 43,200

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2023
£    £   
Sales Invoice factoring 58,425 103,877

The creditor is secure on trade debtors.

18. PROVISIONS FOR LIABILITIES

Group
2023 2023
£    £   
Deferred tax 96,193 104,063

Group
Deferred
tax
£   
Balance at 1 July 2023 104,063
Movement in year (7,870 )
Balance at 31 December 2023 96,193

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2023
value: £    £   
100 Ordinary £1 1,650 1,650
100 Ordinary "B to E" £1 60 60
1,710 1,710

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

20. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2023 6,418,740 140 6,418,880
Profit for the period 1,102,176 1,102,176
Dividends (961,182 ) (961,182 )
At 31 December 2023 6,559,734 140 6,559,874

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2023 201,766 140 201,906
Profit for the period 1,102,461 1,102,461
Dividends (961,182 ) (961,182 )
At 31 December 2023 343,045 140 343,185


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 December 2023 and the year ended 30 June 2023:

2023 2023
£    £   
J J Hills
Balance outstanding at start of period 961,632 733,333
Amounts advanced 198,421 657,746
Amounts repaid (706,353 ) (429,447 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 453,700 961,632

LINDSAY BLEE LIMITED (REGISTERED NUMBER: 07085796)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2023

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

D Morrison
Balance outstanding at start of period 386,795 366,666
Amounts advanced 104,900 238,059
Amounts repaid (262,197 ) (217,930 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 229,498 386,795

The loans are non-interest bearing and there are no formal terms of repayment.

22. POST BALANCE SHEET EVENTS

Purchase of New Business
On the 12th March 2024 the holding company bought John H Whitaker (Tankers) Limited, John H Whitaker (Management) Limited and John H Whitaker (Malta) Limited.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J J Hills.