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Registered number: SC017244










SCOTT & FYFE LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 
SCOTT & FYFE LIMITED
 

COMPANY INFORMATION


Directors
D P Tough 
M Quadrelli 
R Pap (resigned 13 September 2024)
S Kinnear (resigned 31 July 2024)
M Grant 
R Melville 
K McGoldrick (appointed 1 August 2024)
J Smith (appointed 3 February 2025)




Registered number
SC017244



Registered office
Tayport Works
Links Road

Tayport

Fife

DD6 9EE




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
SCOTT & FYFE LIMITED
 

CONTENTS



Page
Managing Director's statement
1 - 2
Group strategic report
3 - 5
Directors' report
6 - 7
Independent auditors' report
8 - 11
Consolidated income statement
12
Consolidated statement of comprehensive income
13
Consolidated statement of financial position
14
Company statement of financial position
15
Consolidated statement of changes in shareholders' loans and funds
16
Company statement of changes in shareholders' loans and funds
17
Consolidated statement of cash flows
18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 42


 
SCOTT & FYFE LIMITED
 

 
MANAGING DIRECTOR'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Managing Director presents her statement for the period.

Overview 
This Annual Report highlights our continued strong performance and profitability, building on the success of the previous year. Despite navigating ever-changing and uncertain markets, our team has demonstrated remarkable resilience, ambition, and dedication. Their unwavering commitment is the driving force behind this achievement and one that all employee shareholders can be immensely proud of.
On behalf of the Board, I want to sincerely thank every Scott & Fyfe employee shareholder. This past year presented significant challenges, from shifts in our market segments to evolving customer buying behaviour. Yet, through adaptability and perseverance, our team has delivered outstanding results, reinforcing our strength as a business. 
Performance
In 2024, our value streams delivered varied results, requiring continuous monitoring, agility, and responsiveness to effectively serve all markets. In response to these fluctuations, and driven by our commitment to sustaining investment and growth to protect our business, we successfully mitigated the financial impact of certain market downturns while strengthening our team to position the company for growth opportunities and future success.
Our focus remained on enhancing existing value streams while identifying new revenue opportunities, all while counteracting rising costs through strategic operational efficiencies and cost reductions. As a result, we achieved a sales turnover of £17,068k, with an operating profit of £1,143k, up from £1,097k in 2023. Gross Profit at £6,420k (38% of sales), represents an increase from £6,214k (34% of sales) in 2023. Net profit reached £1,211k, marking sustained profitability and a constant stable financial performance, maintaining the significant turnaround achieved in 2023.
During these times of geopolitical conflicts and increasing costs, our employee owners have excelled in delivering improved performances and reduced costs. 
Sales Innovation and Geography
 
Our relentless determination to combine Scottish expertise with global innovation to engineer cutting edge technical textile solutions and advanced materials continue to reshape our customer landscape. 
Our inventive developments in pipe fabric technology and attachment solutions have fueled growth and enhanced business performance countering a decline through market volatility within the agriculture sector. 
In 2024, we maintained our investment in new product innovations, ensuring a robust pipeline of opportunities as we move into 2025.
Export sales accounted for 94% of total sales with a changing  sales landscape evolving. Sales to the USA and Canada increased by 14% and sales to the European Union increased by 28% while sales to the rest of the world decreased by 26%. This highlights the evolving international landscape we are operating in and our ability to adapt to changing market and geographical needs while fundamentaly maintaining our position as a fully international business. 
  
Working Capital and Cash
Building on our stable cash position and optimising working capital were pivotal objectives for the Board throughout the fiscal year. Strategies aimed at maintaining a healthy working capital position were achieved and cash increased to £2,717k compared to £2,472k in 2023 and £839k in 2022. 
The group net asset position increased to £7,311k from £6,676k in 2023
 


 
Page 1

 
SCOTT & FYFE LIMITED
 

 
MANAGING DIRECTOR'S STATEMENT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Employee Shareholding
I would like to acknowledge the dedicated efforts of all Scott & Fyfe employee shareholders over the past year and express my gratitude for their commitment during volatile and uncertain market conditions. Their hard work has contributed to the company’s strong performance.
Our long-term goal remains to sustainably grow earnings while balancing the immediate cash needs of the business. At the heart of our Employee Ownership philosophy is the drive to empower employees to strive for excellence and benefit from the rewards of share ownership. 
Following the accumulation period that concluded on April 5th, 2022, employee shares through the SIP indicate that the company is currently 75.46% owned by the EBT and 24.54% by employees. Our commitment to strengthening the Employee Ownership ethos within Scott & Fyfe remains unwavering, and we believe the solid foundation we have built will support our future success.
Dividends
At this point, the company opts not to distribute dividends, prioritising the accumulation of cash reserves to facilitate future expansion and expedite the repayment of preference shares.
Leadership Changes
In 2024, the Board of Directors underwent changes to better align with our strategic objectives and executive leadership needs. Mark Kerr was appointed as Non-Executive Chair, while Roland Pap stepped down as Commercial Director. Additionally, Steve Kinnear retired from the business and his role as Employee Elected Director, with Kevin McGoldrick taking over the position. Following the year-end, Jason Smith was appointed as Commercial Director. With a new Board of Directors in place and fresh drive and ambition within the team, we are well positioned to understand our markets and opportunities more while driving continued and improved performance. 
Looking Ahead
Today's business landscape is defined by rapid innovation, digital transformation, and shifting consumer expectations, creating both exciting opportunities and complex challenges. Companies have access to global markets, advanced technologies, and new ways to engage with customers, driving growth and efficiency. However, they must also navigate economic uncertainties, geopolitical tensions, and increasing regulatory demands. Sustainability and ethical business practices are becoming key priorities, pushing organisations to balance profitability with social and environmental responsibility. In this dynamic environment, we will continue to support adaptability, strategic foresight, and a commitment to innovation throughout our business.
 
Amidst a dynamic business landscape, the Board stands firm in confronting challenging obstacles and  maintaining an evolutionary approach as we advance as an innovative, employee-owned and trusted partner in technical textiles and advanced materials. Our rich heritage, progressive design and product development combined with a forward-looking approach, allows us to consistently push the boundaries of textile engineering, ensuring that Scott & Fyfe remains at the forefront of the industry for years to come.
 


NameM Quadrelli
Managing Director

Date26 March 2025

Page 2

 
SCOTT & FYFE LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The group’s main business activities are the manufacture and trading of a variety of textiles and materials solutions for industrial use, with all sales being business to business. The group has operated from its premises in Tayport, Scotland for over 100 years, and became an employee-owned company at the end of 2012.

Business review
 
In 2024, our value streams delivered varied results, requiring continuous monitoring, agility, and responsiveness to effectively serve all markets. In response to these fluctuations, and driven by our commitment to sustaining investment and growth to protect our business, we successfully mitigated the financial impact of certain market downturns while strengthening our team to position the company for growth opportunities and future success.
Our focus remained on enhancing existing value streams while identifying new revenue opportunities, all while counteracting rising costs through strategic operational efficiencies and cost reductions.

Principal risks and uncertainties
 
The group manages competitive trading risk by continually diversifying the range of products offered and patenting products where appropriate.
The group's principal financial instruments comprise cash and cash equivalents. Other financial assets and liabilities, such as trade creditors, arise directly from the group's operating activities.
The main risk associated with the group's financial assets and liabilities are set out below.
Interest rate risk
There is no significant interest rate risk, as the group has no interest associated debt, and cash deposits are managed continuously.
Price risk
There is no significant exposure to changes in the carrying value of financial liabilities as the group has no interest associated debt or overdraft.
Credit risk
The group has credit insurance facilities in place to mitigate exposure to credit risk.
Liquidity risk
The group aims to mitigate liquidity risk by managing cash generated by its operations. Capital expenditure is approved at board level. Flexibility is maintained by retaining surplus cash in readily accessible bank accounts.
Foreign currency risk
The group's principal transactions in foreign currency are purchases and sales denominated in Euros and US Dollars. As a result, the group's cash flows arising from purchases and sales can be affected by movements in the Euro and US Dollar exchange rate.

Page 3

 
SCOTT & FYFE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Future Developments

The group anticipates that the operational improvements experienced so far will continue into 2025. This combined with the significant growth of new innovations in growth markets will continue to support a steady level of profitability for the business.


Environmental Health & Safety

The group recognises the importance of its environmental responsibilities and monitors its impact on the environment by implementing any policies necessary to reduce any damage that might be caused by the company's activities. 
 
The group recognises the importance and implications of the Health & Safety at Work Act 1974, the Environment Protection Legislation and all new Health and Safety legislation, including that being introduced through EU Directives.


Employee Matters

Details of the number of employees and related costs can be found in note 8 to the financial statements.
The parent company provided employees with information relating to the business via the quarterly briefings held with staff. Managers also passed relevant information on to employees in the normal course of work.
In addition, there was a profit share scheme where all employees share in 20% of group profit on a per head basis.
During 2012, it was announced that the company would change from being a “family owned” company to an “employee owned” company. Thus, in December 2012, an Employee Benefit Trust acquired all Ordinary Share Capital of the company.
As part of the ownership change, the employees elected two of the seven trustees of the Employee Benefit Trust, and also elected an Employee Director to represent them on the board.
The majority of the employees own shares in the company via a Share Incentive Plan.
All employees were also invited to save, on a weekly or monthly basis, to allow them to purchase Partnership Shares. This should enhance the employee-owned culture, which has already shown benefits.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned related to the position in question.


Research and Development Activities

The parent company employs several employees who are involved in the development of both products and processes. This strategy will continue, as the group seeks to develop new products and processes which enhance its current product range.

Page 4

 
SCOTT & FYFE LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The group’s key performance indicators are sales, contribution from sales, operating profit, working capital and cash position.

Other key performance indicators
 
The group uses a variety of performance measures in respect of its manufacturing operations - monitoring material usage and productivity in each department.


This report was approved by the board on 26 March 2025 and signed on its behalf.






M Quadrelli
Director

Page 5

 
SCOTT & FYFE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,211 thousand (2023 - £1,437 thousand).

No dividends were paid by the company on the ordinary share capital during the year and none are proposed (2023 - none).

Directors

The directors who served during the year were:

D P Tough 
M Quadrelli 
R Pap (resigned 13 September 2024)
S Kinnear (resigned 31 July 2024)
M Grant 
R Melville 
K McGoldrick (appointed 1 August 2024)

Future developments

The group anticipates that the operational improvements experienced so far will continue into 2024. This combined with the significant growth of new products in the pipe fabric technology sector will continue to support a steady level of profitability for the business.

Page 6

 
SCOTT & FYFE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 March 2025 and signed on its behalf.
 





M Quadrelli
Director

Page 7

 
SCOTT & FYFE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & FYFE LIMITED
 

Opinion


We have audited the financial statements of Scott & Fyfe Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Group income statement, the Group statement of comprehensive income, the Group and Company statements of financial position, the Group statement of cash flows, the Group and Company statement of changes in shareholders' loans and funds and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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.


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


Page 8

 
SCOTT & FYFE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & FYFE LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; 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
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Page 9

 
SCOTT & FYFE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & FYFE LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above 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 would become aware of it. As in all our audits, we addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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


Page 10

 
SCOTT & FYFE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & FYFE LIMITED (CONTINUED)


Use of our report
 

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






Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants & Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

26 March 2025
Page 11

 
SCOTT & FYFE LIMITED
 

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£000
£000

  

  

Turnover
 4 
17,068
18,205

Other operating income
 5 
57
50

Raw materials and consumables
  
(8,918)
(10,301)

Other external charges
  
(1,787)
(1,740)

Gross profit
 6 
6,420
6,214

Staff costs
  
(3,860)
(3,783)

Depreciation and amortisation
  
(370)
(358)

Other operating expenses
  
(1,047)
(976)

Operating profit
  
1,143
1,097

Interest receivable and similar income
 10 
56
13

Interest payable and similar expenses
 11 
(24)
-

Other finance income
  
36
327

Profit before tax
  
1,211
1,437

Profit for the year
  
1,211
1,437

Profit for the year attributable to:
  

Owners of the parent company
  
1,211
1,437

  
1,211
1,437

The notes on pages 20 to 42 form part of these financial statements.

Page 12

 
SCOTT & FYFE LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£000
£000


Profit for the financial year

  

1,211
1,437

Other comprehensive income
  


Actuarial gain/(loss) on defined benefit schemes
  
145
(1,056)

Pension surplus movements not recognised
  
(400)
763

Other comprehensive income for the year
  
(255)
(293)

Total comprehensive income for the year
  
956
1,144

Profit for the year attributable to:
  


Owners of the parent Company
  
1,211
1,437

  
1,211
1,437

Total comprehensive income attributable to:
  


Owners of the parent Company
  
956
1,144

  
956
1,144

The notes on pages 20 to 42 form part of these financial statements.

Page 13

 
SCOTT & FYFE LIMITED
REGISTERED NUMBER: SC017244

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
£000
£000

Fixed assets
  

Tangible assets
 14 
1,917
2,176

Investments
 15 
9
9

  
1,926
2,185

Current assets
  

Stocks
 16 
2,498
2,290

Debtors: amounts falling due within one year
 17 
4,292
3,928

Cash at bank and in hand
  
2,717
2,472

  
9,507
8,690

Creditors: amounts falling due within one year
 18 
(3,997)
(2,574)

Net current assets
  
 
 
5,510
 
 
6,116

Total assets less current liabilities
  
7,436
8,301

Creditors: amounts falling due after more than one year
 19 
-
(1,443)

Provisions for liabilities
  

Deferred taxation
 21 
(5)
(5)

Other provisions
  
(120)
(177)

  
 
 
(125)
 
 
(182)

Net assets
  
7,311
6,676


Capital and reserves
  

Called up share capital 
  
2,112
2,433

Capital redemption reserve
  
519
519

Other reserves
  
(5,845)
(5,845)

Profit and loss account
  
10,525
9,569

Equity attributable to owners of the parent Company
  
7,311
6,676


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.





M Quadrelli
Director

The notes on pages 20 to 42 form part of these financial statements.

Page 14

 
SCOTT & FYFE LIMITED
REGISTERED NUMBER: SC017244

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
£000
£000

Fixed assets
  

Tangible assets
 14 
1,917
2,176

Investments
 15 
20
20

  
1,937
2,196

Current assets
  

Stocks
 16 
2,498
2,290

Debtors: amounts falling due within one year
 17 
4,292
3,928

Cash at bank and in hand
  
2,717
2,472

  
9,507
8,690

Creditors: amounts falling due within one year
 18 
(4,244)
(2,821)

Net current assets
  
 
 
5,263
 
 
5,869

Total assets less current liabilities
  
7,200
8,065

  

Creditors: amounts falling due after more than one year
 19 
-
(1,443)

Provisions for liabilities
  

Deferred taxation
 21 
(5)
(5)

Other provisions
 22 
(120)
(177)

  
 
 
(125)
 
 
(182)

Net assets
  
7,075
6,440


Shareholders' loans and funds
  

Called up share capital 
  
2,112
2,433

Capital redemption reserve
  
519
519

Other reserves
  
(5,845)
(5,845)

Profit and loss account
  
10,289
9,333

  
7,075
6,440


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2025.





M Quadrelli
Director

The notes on pages 20 to 42 form part of these financial statements.

Page 15

 
SCOTT & FYFE LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' LOANS AND FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£000
£000
£000
£000
£000


At 1 January 2023
3,031
519
(5,845)
8,425
6,130



Profit for the year
-
-
-
1,437
1,437

Actuarial losses on pension scheme
-
-
-
(293)
(293)

Other movement
(598)
-
-
-
(598)



At 1 January 2024
2,433
519
(5,845)
9,569
6,676



Profit for the year
-
-
-
1,211
1,211

Actuarial losses on pension scheme
-
-
-
(255)
(255)

Other movement
(321)
-
-
-
(321)


At 31 December 2024
2,112
519
(5,845)
10,525
7,311


The notes on pages 20 to 42 form part of these financial statements.

Page 16

 
SCOTT & FYFE LIMITED
 

COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS' LOANS AND FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£000
£000
£000
£000
£000


At 1 January 2023
3,031
519
(5,845)
8,189
5,894



Profit for the year
-
-
-
1,437
1,437

Defined benefit pension scheme movement
-
-
-
(293)
(293)

Other movement
(598)
-
-
-
(598)



At 1 January 2024
2,433
519
(5,845)
9,333
6,440



Profit for the year
-
-
-
1,211
1,211

Defined benefit pension scheme movement
-
-
-
(255)
(255)

Other movement
(321)
-
-
-
(321)


At 31 December 2024
2,112
519
(5,845)
10,289
7,075


The notes on pages 20 to 42 form part of these financial statements.

Page 17

 
SCOTT & FYFE LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
1,211
1,437

Adjustments for:

Depreciation of tangible assets
370
358

Interest paid
44
-

Interest received
(56)
(13)

(Increase)/decrease in stocks
(208)
168

(Increase)/decrease in debtors
(364)
973

Increase in creditors
506
327

(Decrease) in provisions
(57)
(51)

(Decrease) in net pension assets/liabs
(255)
(293)

Movements on preference shares
(321)
(598)

Net cash generated from operating activities

870
2,308


Cash flows from investing activities

Purchase of tangible fixed assets
(111)
(288)

Interest received
56
13

Net cash from investing activities

(55)
(275)

Cash flows from financing activities

Repayment of other loans
(526)
(400)

Interest paid
(44)
-

Net cash used in financing activities
(570)
(400)

Net increase in cash and cash equivalents
245
1,633

Cash and cash equivalents at beginning of year
2,472
839

Cash and cash equivalents at the end of year
2,717
2,472


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,717
2,472

2,717
2,472


The notes on pages 20 to 42 form part of these financial statements.

Page 18

 
SCOTT & FYFE LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£000

£000

£000

Cash at bank and in hand

2,472

245

2,717

Debt due within 1 year

(240)

(917)

(1,157)


2,232
(672)
1,560

The notes on pages 20 to 42 form part of these financial statements.

Page 19

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Scott & Fyfe Limited is a private company, limited by shares, domiciled in Scotland with registration number SC017244. The registered office is Tayport Works, Links Road, Tayport, DD6 9EE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Group and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors have considered the future performance of the group taking into account cash flow and working capital availability and are confident that the company will have sufficient resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.
In view of the above the directors consider it is appropriate to prepare the financial statements on a going concern basis.

Page 20

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 21

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

  
2.8

Employee benefit trust

Assets held in the trust are recognised as assets of the company until they vest unconditionally in identified beneficiaries.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated income statement in the same period as the related expenditure.

In certain circumstances, grants are accounted for under the performance model as permitted by FRS 102 where all aspects of the grant terms have been achieved.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 22

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Defined benefit pension plan

The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 23

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 24

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Freehold property
-
2% to 10%  straight line
Plant and machinery
-
10% to 33% straight line
Motor vehicles
-
30% reducing balance
Office equipment
-
10% to 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Page 25

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

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

  
2.20

Financial Liabilities

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

 
2.21

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

The expense is included under the amortised cost method regardless of the actual payment terms attaching to the liabilities.

Page 26

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results in the future could differ from those estimates.  In this regard, the Directors believe that the critical accounting policies where judgments or estimations applied are summarised below. 
Defined Benefit Pension Scheme Deficit
The financial statements recognise a liability, where applicable, which reflects the deficit within Group’s defined benefit pension scheme. The financial statements do not recognise assets reflecting surpluses within the scheme.
The movement in scheme assets and liabilities are determined with advice from actuarial advisers and affects both the income statement and the statement of comprehensive income. The calculations undertaken by the actuary apply a number of critical assumptions which can materially impact the reported asset and the amount recognised in the income statement from year to year. The principal factors are disclosed in the relevant notes to the accounts.
Stock Provision
Stock is valued at the lower of cost and net realisable value. This includes any provisions for slow moving or obsolete stock. Calculation of such provisions requires judgments to be made on various aspects of stock based on forecasts and historical trading.
The Directors review the valuation method on a regular basis to ensure that the carrying value of stock remains appropriate. Due consideration is given to amounts realised following the year end in relation to stock included in the financial statements at the year end.
Tangible Fixed Assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.
Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Recoverability of Debtors
The management review the amounts outstanding throughout the year and provide for any debts they consider will not be recovered.

Page 27

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
995
1,049

Rest of Europe
1,188
927

Australia/ New Zealand
423
339

USA/Canada
7,670
6,710

Rest of World
6,792
9,180

17,068
18,205



5.


Other operating income

2024
2023
£000
£000

Government grants released
57
50

57
50



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation charge for the year
(370)
(358)

Exchange differences
34
20

Other operating lease rentals
(75)
(58)

Defined contribution pension scheme costs
(267)
(236)

Government grants released
57
50

51
94


7.


Auditors' remuneration

2024
2023
£000
£000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
22
21

Page 28

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Wages and salaries
3,249
3,240
3,249
3,240

Social security costs
344
307
344
307

Cost of defined contribution scheme
267
236
267
236

3,860
3,783
3,860
3,783


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Manufacturing and maintenance staff
64
69



Distribution staff
2
2



Office and management staff
22
19

88
90

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors remuneration

2024
2023
£000
£000



Directors' remuneration
616
494

Company contributions to defined contribution pension schemes
56
43

672
537

During the year retirement benefits were accruing to 7 directors (2023 - 6) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £148,000 (2023 - £121,000).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,000 (2023 - £10,000).
In addition, retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined benefit schemes.

Page 29

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£000
£000


Other interest receivable
56
13

56
13


11.


Interest payable and similar expenses

2024
2023
£000
£000


Preference share dividends
24
-

24
-


12.


Other finance income/(costs)

2024
2023
£000
£000

Expected return on pension scheme assets
864
917

Interest on pension scheme liabilities
(823)
(839)

Finance charge on preference shares
(5)
249

36
327


Page 30

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
1,211
1,437


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
303
359

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
31
7

Capital allowances for year in excess of depreciation
63
14

Unrelieved tax losses carried forward
(397)
(380)

Total tax charge for the year
-
-

Page 31

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group and Company






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2024
4,010
9,661
127
538
14,336


Additions
4
77
-
30
111


Disposals
(1)
(4,721)
(101)
(297)
(5,120)



At 31 December 2024

4,013
5,017
26
271
9,327



Depreciation


At 1 January 2024
2,653
8,855
127
525
12,160


Charge for the year on owned assets
81
270
-
19
370


Disposals
(1)
(4,721)
(101)
(297)
(5,120)



At 31 December 2024

2,733
4,404
26
247
7,410



Net book value



At 31 December 2024
1,280
613
-
24
1,917



At 31 December 2023
1,357
806
-
13
2,176


15.


Fixed asset investments

Group





Unlisted investments

£000



Cost or valuation


At 1 January 2024
9



At 31 December 2024
9




Page 32

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company





Investments in subsidiary companies
Unlisted investments
Total

£000
£000
£000



Cost or valuation


At 1 January 2024
11
9
20



At 31 December 2024
11
9
20





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

R. & D. Bayne Limited
Tayport Works, Links Road, Tayport, Fife, DD6 9EE
Ordinary
100%
Sunbright Fabrics Limited
Tayport Works, Links Road, Tayport, Fife, DD6 9EE
Ordinary
100%
Artistic Textile Printers Limited
Tayport Works, Links Road, Tayport, Fife, DD6 9EE
Ordinary
100%
Scott & Fyfe Hong Kong Limited
Ordinary
100%


16.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Raw materials and consumables
1,659
1,695
1,659
1,695

Finished goods and goods for resale
839
595
839
595

2,498
2,290
2,498
2,290


The difference between purchase price or production cost of stocks and their replacement cost is not material.

An impairment loss of £140,000 (2023 - £452,000) was recognised during the year due to slow moving and obsolete stock. £140,000 was recognised in cost of sales.

Page 33

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Trade debtors
3,770
3,448
3,770
3,448

Other debtors
298
314
298
314

Prepayments and accrued income
224
166
224
166

4,292
3,928
4,292
3,928



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Other loans
1,157
240
1,157
240

Trade creditors
1,774
1,474
1,774
1,474

Amounts owed to group undertakings
-
-
247
247

Other taxation and social security
96
143
96
143

Other creditors
-
316
-
316

Accruals and deferred income
970
401
970
401

3,997
2,574
4,244
2,821


Bank overdrafts and invoice financing accounts are secured by a charge over the book debts of the company and by two floating charges over the assets and undertakings of the company.


19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Other creditors
-
1,443
-
1,443

-
1,443
-
1,443




Page 34

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Financial assets

Financial assets measured at fair value through profit or loss
2,717
2,472
2,717
2,472

Financial assets that are debt instruments measured at amortised cost
4,077
3,771
4,088
3,782

6,794
6,243
6,805
6,254


Financial liabilities

Financial liabilities measured at amortised cost
2,840
2,381
3,087
2,628


Financial assets measured at fair value through profit or loss comprise bank and cash.


Financial assets measured at amortised cost comprise trade debtors, amounts owed by group companies, other debtors, VAT and investments.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group companies, other creditors, accruals and bank overdrafts. 

Page 35

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Deferred taxation


Group



2024


£000






At beginning of year
(5)



At end of year
(5)

Company


2024


£000






At beginning of year
(5)



At end of year
(5)

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Accelerated capital allowances
(5)
(5)
(5)
(5)

(5)
(5)
(5)
(5)

Page 36

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Provisions


Group



Government grants

£000





At 1 January 2024
177


Utilised in year
(57)



At 31 December 2024
120

Company


Government grants
Total

£000
£000





At 1 January 2024
177
177


Utilised in year
(57)
(57)



At 31 December 2024
120
120


23.


Own shares held in employee benefit trust and share incentive plan trust

Amounts paid to acquire own shares for the Scott & Fyfe Limited Employee Benefit Trust (EBT), an employee share ownership trust, are deducted in arriving at shareholders' loans and funds. The EBT allows employees to acquire shares in the company through participation in company sponsored employee share schemes. The EBT must at all times hold at least 50.1% of the shares in issue.
At 31 December 2024, the EBT held 4,790,915 ordinary shares of £0.10 each in the company (2023 - 4,790,915). At 31 December 2024, the SIP held 1,558,085 ordinary shares of £0.10 each in the company (2023 – 1,558,085).
The nominal value of the shares held by the EBT at 31 December 2024 was £479,091 (2023 - £479,091).
The nominal value of the shares held by the SIP at 31 December 2024 was £155,809 (2023 - £155,809).
None of the shares were under option to employees or had been conditionally gifted to them at the balance sheet date.

Page 37

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Shareholders' loans and funds

2024
2023
£000
£000

Equity


Share classified as equity
6,349,000 (2023 - 6,349,000) Ordinary shares of £0.10 each
635
635

Capital redemption reserve
519
519

Other reserves
(5,845)
(5,845)

Profit And Loss Account
10,525
9,569

5,834
4,878

Debt


Shares classified as debt 
1,844,212 (2023 - 2,194,212) Preference shares
1,477
1,798

7,311
6,676

Shares classified as equity
The employee benefit trust own 75.46% (2023 - 75.46%) of the shares classified as equity.
Capital redemption reserve
Historic reserve created during capital reconstruction event.
Other reserves
Reserve created when group transferred to employee ownership.
Shares classified as debt
The preference shares are classed as debt and consequently have been recognised initially at present value equal to their par value of £1.00 each and subsequently at amortised cost as required by section 11 of the Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Redemption of the preference shares is within the control of the board. 

Page 38

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Pension commitments

The Group operates a Defined benefit pension scheme.

The group operates a defined benefit pension scheme and the pension charge is based on a full actuarial valuation dated January 2025.
The group determined that the defined benefit scheme would close to future accrual with effect from 31 December 2016. The decision was communicated to the scheme members following the conclusion of a formal consultation period and the trustees of the scheme subsequently provided their written agreement to the changes via a deed amending the scheme provisions. A curtailment therefore occurred at 31 December 2016.
To develop the expected long-term rate of assets assumption, the group considered the current level of expected return of the risk free investments, the historical level of the risk free premium associated with the other asset classes in which the portfolio is invested and the expectations for the future returns of each asset class. The expected return for each asset class was then weighted based on the asset allocation to develop the expected long-term rate of return on assets assumptions for the portfolio.



Reconciliation of present value of plan liabilities:


2024
2023
£000
£000



At the beginning of the year
-
-

Interest income
(41)
(78)

Administrative expenses
184
147

Actuarial gains/losses
(145)
1,056

Contributions
(398)
(362)

Derecognition of surplus movement
400
(763)

At the end of the year
-
-

The directors have not recognised the net pension surplus as it does not give rise to an asset of the group, either by way of a refund or a reduction in future contributions.


Composition of plan liabilities:


2024
2023
£000
£000


Cash and cash equivalents
465
613

Debt instruments
13,161
12,732

LDI
3,917
5,587

Total plan liabilities
17,543
18,932


Page 39

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
25.Pension commitments (continued)


The amounts recognised in profit or loss are as follows:

2024
2023
£000
£000


Interest on obligation
(823)
(839)

Administative expenses
(184)
(147)

Expected return on pension scheme assets
864
917

Total
(143)
(69)



Reconciliation of fair value of plan liabilities were as follows:

2024
2023
£000
£000


Opening defined benefit obligation
18,236
17,460

Interest cost
823
839

Actuarial gains and (losses)
(1,921)
951

Benefits paid
(691)
(1,014)

Closing defined benefit obligation
16,447
18,236


Reconciliation of fair value of plan assets were as follows:

2024
2023
£000
£000


Opening fair value of scheme assets
18,932
18,919

Actuarial gains and (losses)
(1,776)
(105)

Contributions by employer
398
362

Expected return on pension scheme assets
864
917

Administrative expenses
(184)
(147)

Benefits paid
(691)
(1,014)

17,543
18,932




Page 40

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
25.Pension commitments (continued)


Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2024
2023
%
%
Discount rate


5.35

4.60
 
Future increase in RPI


3.20

3.05
 
Future increase in CPI


2.65

2.45
 
Future rate on pension increase in payment



 
- RPI max 5% p.a.


3.00

2.85
 
- RPI max 2.5% p.a.


2.00

1.85
 
- CPI max 3% p.a.


2.05

1.95
 
Average expected future life at age 65 for:


years

years
 
Male currently aged 65


19.00

18.10
 
Female currently aged 65


23.20

22.20
 
Male currently aged 45


20.70

19.30
 
Female currently aged 45


24.70

23.70
 



Amounts for the current and previous four periods are as follows:


Defined benefit pension schemes

2024
2023
2022
2021
2020
£000
£000
£000
£000
£000
Defined benefit obligation

(16,447)

(18,236)

(17,460)
 
(28,158)
 
(30,342)

Scheme assets

17,543

18,932

18,919
 
31,687
 
32,635

Surplus
1,096

696

1,459
 
3,529
 
2,293


Experience adjustments on scheme liabilities
329
(722)
(1,195)
86
1,021
Experience adjustments on scheme assets
(1,776)
(105)
(12,207)
(895)
3,500
(1,447)
(827)
(13,402)
(809)
4,521

The group also operates a defined contribution pension scheme. Contributions by the group to the scheme during the year amounted to £267,000 (2023 - £236,000)


Page 41

 
SCOTT & FYFE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Not later than 1 year
94,000
63,000
94,000
63,000

Later than 1 year and not later than 5 years
133,000
116,000
133,000
116,000

227,000
179,000
227,000
179,000


27.


Related party transactions

The company and group has taken advantage of the exemption available within FRS 102 from disclosing related party transactions with other companies that are wholly owned within the group.
The directors are key management personnel, and their remuneration is disclosed in the relevant notes to the accounts.


28.


Controlling party

The controlling party of the parent company, Scott & Fyfe Limited, is the Scott & Fyfe Limited Employee Benefit Trust.

Page 42