Registered number: SC017244
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
COMPANY INFORMATION
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SCOTT & FYFE LIMITED
CONTENTS
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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
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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
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SCOTT & FYFE LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
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SCOTT & FYFE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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.
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.
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.
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SCOTT & FYFE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The group’s key performance indicators are sales, contribution from sales, operating profit, working capital and cash position.
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.
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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.
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.
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 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.
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).
The directors who served during the year were:
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.
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SCOTT & FYFE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the group since the year end.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SCOTT & FYFE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & FYFE LIMITED
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 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).
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.
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.
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SCOTT & FYFE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & FYFE LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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SCOTT & FYFE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & FYFE LIMITED (CONTINUED)
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.
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SCOTT & FYFE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCOTT & FYFE LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
14 City Quay
DD1 3JA
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SCOTT & FYFE LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
REGISTERED NUMBER: SC017244
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 42 form part of these financial statements.
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SCOTT & FYFE LIMITED
REGISTERED NUMBER: SC017244
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 42 form part of these financial statements.
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SCOTT & FYFE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' LOANS AND FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS' LOANS AND FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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:
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.
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.
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Assets held in the trust are recognised as assets of the company until they vest unconditionally in identified beneficiaries.
Grants of a revenue nature are recognised in the Consolidated income statement in the same period as the related expenditure.
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined benefit pension plan
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (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.
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.
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
25.Pension commitments (continued)
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
25.Pension commitments (continued)
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SCOTT & FYFE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The controlling party of the parent company,
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