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 |
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: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
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: |
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. |
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: |
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. |
for and on behalf of |
The Bloc |
Springfield Way |
Anlaby |
Hull |
E. Yorks |
HU10 6RJ |
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 |
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 |
CURRENT ASSETS |
Debtors | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 June 2023 |
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 |
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 |
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: | £ | £ |
Ordinary | £1 | 1,650 | 1,650 |
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 | 201,906 |
Profit for the period |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 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. |