Silverfin false false 25/01/2024 01/02/2023 25/01/2024 R E Forsyth 26/01/2024 Garry Fraser Stuart Fraser Neil Alexander Grant 26/01/2024 12 February 2025 The principal activity of the Company during the financial year continued to be the manufacture and supply of stainless steel products and systems. SC190833 2024-01-25 SC190833 bus:Director1 2024-01-25 SC190833 bus:Director4 2024-01-25 SC190833 2023-01-31 SC190833 core:CurrentFinancialInstruments 2024-01-25 SC190833 core:CurrentFinancialInstruments 2023-01-31 SC190833 core:Non-currentFinancialInstruments 2024-01-25 SC190833 core:Non-currentFinancialInstruments 2023-01-31 SC190833 core:ShareCapital 2024-01-25 SC190833 core:ShareCapital 2023-01-31 SC190833 core:SharePremium 2024-01-25 SC190833 core:SharePremium 2023-01-31 SC190833 core:RetainedEarningsAccumulatedLosses 2024-01-25 SC190833 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC190833 core:LandBuildings 2023-01-31 SC190833 core:PlantMachinery 2023-01-31 SC190833 core:Vehicles 2023-01-31 SC190833 core:OfficeEquipment 2023-01-31 SC190833 core:LandBuildings 2024-01-25 SC190833 core:PlantMachinery 2024-01-25 SC190833 core:Vehicles 2024-01-25 SC190833 core:OfficeEquipment 2024-01-25 SC190833 bus:OrdinaryShareClass1 2024-01-25 SC190833 core:WithinOneYear 2024-01-25 SC190833 core:WithinOneYear 2023-01-31 SC190833 core:BetweenOneFiveYears 2024-01-25 SC190833 core:BetweenOneFiveYears 2023-01-31 SC190833 2023-02-01 2024-01-25 SC190833 bus:FilletedAccounts 2023-02-01 2024-01-25 SC190833 bus:SmallEntities 2023-02-01 2024-01-25 SC190833 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-25 SC190833 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-25 SC190833 bus:Director1 2023-02-01 2024-01-25 SC190833 bus:Director2 2023-02-01 2024-01-25 SC190833 bus:Director3 2023-02-01 2024-01-25 SC190833 bus:Director4 2023-02-01 2024-01-25 SC190833 core:LandBuildings core:BottomRangeValue 2023-02-01 2024-01-25 SC190833 core:LandBuildings core:TopRangeValue 2023-02-01 2024-01-25 SC190833 core:PlantMachinery 2023-02-01 2024-01-25 SC190833 core:Vehicles 2023-02-01 2024-01-25 SC190833 core:OfficeEquipment 2023-02-01 2024-01-25 SC190833 2022-02-01 2023-01-31 SC190833 core:LandBuildings 2023-02-01 2024-01-25 SC190833 core:CurrentFinancialInstruments 2023-02-01 2024-01-25 SC190833 core:Non-currentFinancialInstruments 2023-02-01 2024-01-25 SC190833 bus:OrdinaryShareClass1 2023-02-01 2024-01-25 SC190833 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC190833 1 2023-02-01 2024-01-25 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC190833 (Scotland)

L.H. STAINLESS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2023 TO 25 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

L.H. STAINLESS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2023 TO 25 JANUARY 2024

Contents

L.H. STAINLESS LIMITED

BALANCE SHEET

AS AT 25 JANUARY 2024
L.H. STAINLESS LIMITED

BALANCE SHEET (continued)

AS AT 25 JANUARY 2024
Note 25.01.2024 31.01.2023
£ £
Fixed assets
Tangible assets 3 1,879,096 845,676
1,879,096 845,676
Current assets
Stocks 4 1,320,364 1,490,134
Debtors 5 1,730,285 2,254,512
Cash at bank and in hand 317,709 347,222
3,368,358 4,091,868
Creditors: amounts falling due within one year 6 ( 3,626,052) ( 3,213,731)
Net current (liabilities)/assets (257,694) 878,137
Total assets less current liabilities 1,621,402 1,723,813
Creditors: amounts falling due after more than one year 7 ( 135,307) ( 67,311)
Provision for liabilities 8 ( 93,250) ( 69,371)
Net assets 1,392,845 1,587,131
Capital and reserves
Called-up share capital 9 46,900 46,900
Share premium account 395,100 395,100
Profit and loss account 950,845 1,145,131
Total shareholder's funds 1,392,845 1,587,131

For the financial period ending 25 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of L.H. Stainless Limited (registered number: SC190833) were approved and authorised for issue by the Board of Directors on 12 February 2025. They were signed on its behalf by:

R E Forsyth
Director
L.H. STAINLESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2023 TO 25 JANUARY 2024
L.H. STAINLESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2023 TO 25 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

L.H. Stainless Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Morayshire Copperworks, Rothes, Aberlour, AB38 7AD, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period for these financial statements covers the period from 1 February 2023 to 25 January 2024 due to ownership changes in the Parent Company.

Turnover

Turnover is represented receivable from the manufacture and supply of stainless steel products and systems, net of VAT.

Revenue from contracts for the manufacture and supply of products is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

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 the 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.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 - 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 15 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes direct materials and where applicable, direct labour costs that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

Period from
01.02.2023 to
25.01.2024
Year ended
31.01.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 41 35

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 February 2023 629,013 392,089 473,465 75,439 1,570,006
Additions 974,602 132,146 72,931 0 1,179,679
Disposals 0 0 ( 18,938) 0 ( 18,938)
At 25 January 2024 1,603,615 524,235 527,458 75,439 2,730,747
Accumulated depreciation
At 01 February 2023 83,900 243,400 352,176 44,854 724,330
Charge for the financial period 36,743 55,094 46,553 4,499 142,889
Disposals 0 0 ( 15,568) 0 ( 15,568)
At 25 January 2024 120,643 298,494 383,161 49,353 851,651
Net book value
At 25 January 2024 1,482,972 225,741 144,297 26,086 1,879,096
At 31 January 2023 545,113 148,689 121,289 30,585 845,676

4. Stocks

25.01.2024 31.01.2023
£ £
Stocks 884,410 832,291
Work in progress 435,954 657,843
1,320,364 1,490,134

5. Debtors

25.01.2024 31.01.2023
£ £
Trade debtors 867,252 1,652,835
Amounts owed by Group undertakings 76,792 318,182
Corporation tax 547 547
Other debtors 785,694 282,948
1,730,285 2,254,512

6. Creditors: amounts falling due within one year

25.01.2024 31.01.2023
£ £
Bank loans 10,000 10,000
Trade creditors 843,641 614,447
Amounts owed to Group undertakings 811,567 25,762
Corporation tax 63,561 153,503
Other taxation and social security 136,641 99,144
Obligations under finance leases and hire purchase contracts 44,547 21,987
Other creditors 1,716,095 2,288,888
3,626,052 3,213,731

Obligations under finance lease are secured by a fixed charge over the assets to which it relates.

Bank loans are secured over the assets of the company.

7. Creditors: amounts falling due after more than one year

25.01.2024 31.01.2023
£ £
Bank loans 17,560 27,500
Obligations under finance leases and hire purchase contracts 117,747 39,811
135,307 67,311

Obligations under finance lease are secured by a fixed charge over the assets to which it relates.

Bank loans are secured over the assets of the company.

8. Provision for liabilities

25.01.2024 31.01.2023
£ £
Deferred tax 93,250 69,371

9. Called-up share capital

25.01.2024 31.01.2023
£ £
Allotted, called-up and fully-paid
46,900 Ordinary shares of £ 1.00 each 46,900 46,900

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

25.01.2024 31.01.2023
£ £
within one year 40,000 40,000
between one and five years 120,000 160,000
160,000 200,000

The operating lease commitment disclosed above represents a property lease which expires in 2027.

11. Related party transactions

Transactions with owners holding a participating interest in the entity

25.01.2024 31.01.2023
£ £
Amounts due to entities with control, joint control or significant influence over the company. 811,567 25,762

This balance is interest free and has no fixed terms of repayment.

Transactions with the entity's directors

25.01.2024 31.01.2023
£ £
Amounts (to) key management personnel (4,182) (2,025)

Interest has been charged at 2.25% on any balances due to the company during the year. There are no fixed terms of repayment

Other related party transactions

25.01.2024 31.01.2023
£ £
Amounts due from other related parties 76,792 318,182

This balance is interest free and has no fixed terms of repayment.

12. Ultimate controlling party

The ultimate parent company is GSF Group Limited, a company registered in Scotland which owns 100% of the issued ordinary share capital of L.H. Stainless Limited. The registered office of GSF Group Limited is Morayshire Copperworks, Rothes, Aberlour, Scotland, AB38 7AD.