Silverfin false 10 July 2025 10 July 2025 Robert J C Bain MA CA CTA Hall Morrice LLP 1,648,272 1,724,915 false true 28/02/2025 01/03/2024 28/02/2025 Gordon Davidson 21/10/2020 Kenneth Woods 21/10/2020 10 July 2025 The principal activity of the company continued to be that of the manufacture and distribution of chemicals for commercial and industrial use. SC070834 2025-02-28 SC070834 bus:Director1 2025-02-28 SC070834 bus:Director2 2025-02-28 SC070834 2024-02-29 SC070834 core:CurrentFinancialInstruments 2025-02-28 SC070834 core:CurrentFinancialInstruments 2024-02-29 SC070834 core:Non-currentFinancialInstruments 2025-02-28 SC070834 core:Non-currentFinancialInstruments 2024-02-29 SC070834 core:ShareCapital 2025-02-28 SC070834 core:ShareCapital 2024-02-29 SC070834 core:SharePremium 2025-02-28 SC070834 core:SharePremium 2024-02-29 SC070834 core:RevaluationReserve 2025-02-28 SC070834 core:RevaluationReserve 2024-02-29 SC070834 core:CapitalRedemptionReserve 2025-02-28 SC070834 core:CapitalRedemptionReserve 2024-02-29 SC070834 core:RetainedEarningsAccumulatedLosses 2025-02-28 SC070834 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC070834 core:OtherResidualIntangibleAssets 2024-02-29 SC070834 core:OtherResidualIntangibleAssets 2025-02-28 SC070834 core:LandBuildings 2024-02-29 SC070834 core:OtherPropertyPlantEquipment 2024-02-29 SC070834 core:LandBuildings 2025-02-28 SC070834 core:OtherPropertyPlantEquipment 2025-02-28 SC070834 core:CurrentFinancialInstruments core:Secured 2025-02-28 SC070834 core:MoreThanFiveYears 2025-02-28 SC070834 core:MoreThanFiveYears 2024-02-29 SC070834 bus:OrdinaryShareClass1 2025-02-28 SC070834 bus:OrdinaryShareClass2 2025-02-28 SC070834 2024-03-01 2025-02-28 SC070834 bus:FilletedAccounts 2024-03-01 2025-02-28 SC070834 bus:SmallEntities 2024-03-01 2025-02-28 SC070834 bus:Audited 2024-03-01 2025-02-28 SC070834 2023-03-01 2024-02-29 SC070834 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 SC070834 bus:Director1 2024-03-01 2025-02-28 SC070834 bus:Director2 2024-03-01 2025-02-28 SC070834 core:OtherResidualIntangibleAssets core:TopRangeValue 2024-03-01 2025-02-28 SC070834 core:OtherResidualIntangibleAssets 2024-03-01 2025-02-28 SC070834 core:LandBuildings core:TopRangeValue 2024-03-01 2025-02-28 SC070834 core:OtherPropertyPlantEquipment 2024-03-01 2025-02-28 SC070834 core:OtherPropertyPlantEquipment core:TopRangeValue 2024-03-01 2025-02-28 SC070834 core:LandBuildings 2024-03-01 2025-02-28 SC070834 core:MoreThanFiveYears 2024-03-01 2025-02-28 SC070834 bus:OrdinaryShareClass1 2024-03-01 2025-02-28 SC070834 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC070834 bus:OrdinaryShareClass2 2024-03-01 2025-02-28 SC070834 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 SC070834 1 2024-03-01 2025-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC070834 (Scotland)

F.I.S. CHEMICALS LIMITED

Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

F.I.S. CHEMICALS LIMITED

Financial Statements

For the financial year ended 28 February 2025

Contents

F.I.S. CHEMICALS LIMITED

BALANCE SHEET

As at 28 February 2025
F.I.S. CHEMICALS LIMITED

BALANCE SHEET (continued)

As at 28 February 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 3 350,000 0
Tangible assets 4 741,417 780,411
1,091,417 780,411
Current assets
Stocks 753,058 716,756
Debtors 5 6,918,154 6,232,567
Cash at bank and in hand 1,881,962 1,632,970
9,553,174 8,582,293
Creditors: amounts falling due within one year 6 ( 931,228) ( 1,100,444)
Net current assets 8,621,946 7,481,849
Total assets less current liabilities 9,713,363 8,262,260
Creditors: amounts falling due after more than one year 7 0 ( 197,169)
Net assets 9,713,363 8,065,091
Capital and reserves
Called-up share capital 8 3,270 3,270
Share premium account 59,363 59,363
Revaluation reserve 457,819 457,819
Capital redemption reserve 1,730 1,730
Profit and loss account 9,191,181 7,542,909
Total shareholder's funds 9,713,363 8,065,091

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of F.I.S. Chemicals Limited (registered number: SC070834) were approved and authorised for issue by the Board of Directors on 10 July 2025. They were signed on its behalf by:

Gordon Davidson
Director
F.I.S. CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
F.I.S. CHEMICALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
1. Accounting policies

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

General information and basis of accounting

F.I.S. Chemicals Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is Chapel Croft, Bucksburn, Aberdeen, AB21 9TN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

The company has taken advantage of the exemption not to disclose transactions and balances with other members of the group.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

Employee benefits

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

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

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

Land and buildings 50 years straight line
Plant and machinery etc. 10 - 35 % reducing balance
3 years straight line

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against the revaluation reserve in equity; decreases exceeding the balance in the revaluation reserve relating to an asset are recognised in profit or loss.

Provision is made for deferred tax liabilities arising on the revaluation of land and buildings. Deferred tax assets arising on the revaluation of land and buildings are not recognised as it is not considered probable that they will be recovered due to the anticipated future upward movement in the fair value of the land and buildings.

Each year the difference between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and depreciation based on the asset's original cost is transferred from the revaluation reserve to retained earnings. Such transfers are non-taxable.

Impairment of assets

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

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

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

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials only.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the company during the year, including directors 22 20

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 March 2024 0 0
Additions 375,000 375,000
At 28 February 2025 375,000 375,000
Accumulated amortisation
At 01 March 2024 0 0
Charge for the financial year 25,000 25,000
At 28 February 2025 25,000 25,000
Net book value
At 28 February 2025 350,000 350,000
At 29 February 2024 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2024 639,293 1,118,085 1,757,378
Additions 0 25,302 25,302
Disposals ( 2,641) ( 76,424) ( 79,065)
At 28 February 2025 636,652 1,066,963 1,703,615
Accumulated depreciation
At 01 March 2024 121,752 855,215 976,967
Charge for the financial year 13,658 45,543 59,201
Disposals ( 2,639) ( 71,331) ( 73,970)
At 28 February 2025 132,771 829,427 962,198
Net book value
At 28 February 2025 503,881 237,536 741,417
At 29 February 2024 517,541 262,870 780,411

Revaluation of tangible assets

Heritable land and buildings with a carrying amount of £503,881 (2024 - £517,541) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

The company's land and buildings were valued at open market value on 11 August 2023 by Shepherd Commercial, Chartered Surveyors at £490,000. As at 28 February 2025 the directors are of the opinion that the value incorporated into the accounts of £503,881 is still appropriate.

Due to the indexation allowance exceeding the revaluation gain, there is no anticipated capital gain or loss on the future sale of the revalued land and buildings, based on proceeds equal to the carrying value of the land and buildings at the reporting date. Therefore no provision has been made for deferred tax on revaluing the land and buildings to their market value.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2025 2024
£ £
Historical cost 379,907 379,907
Accumulated depreciation (236,882) (224,336)
Carrying value 143,025 155,571

5. Debtors

2025 2024
£ £
Trade debtors 900,469 1,118,811
Amounts owed by group undertakings 5,607,800 4,840,328
Other debtors 409,885 273,428
6,918,154 6,232,567

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans (secured) 0 34,296
Trade creditors 360,616 436,112
Amounts owed to group undertakings 0 115,928
Corporation tax 295,658 334,880
Other taxation and social security 65,796 37,220
Other creditors 209,158 142,008
931,228 1,100,444

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

2025 2024
£ £
Bank loans (secured) 0 197,169

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2025 2024
£ £
Bank loans (repayable by instalments) 0 59,985

Foresight Group LLP and Maven Capital Partners UK LLP hold a floating charge over the property and undertakings of the company and a standard security over the company's heritable land and buildings.

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
870 A Ordinary Shares shares of £ 1.00 each 870 870
2,400 B Ordinary Shares shares of £ 1.00 each 2,400 2,400
3,270 3,270

All shares rank pari passu.

9. Financial commitments

Commitments

2025 2024
£ £
Total future minimum lease payments under non-cancellable operating lease 128,163 183,439

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 28 February 2025 was unqualified.

The audit report was signed by Robert J C Bain MA CA CTA on behalf of Hall Morrice LLP.

11. Ultimate controlling party

F.I.S. Chemicals Limited is a wholly owned subsidiary of the ultimate parent company, F.I.S. Chemicals Holdings Limited, a company incorporated in England and Wales.

The largest group in which the results of the Company are consolidated is that headed by F.I.S. Chemicals Holdings Limited. No other group financial statements include the results of the Company. The consolidated accounts for F.I.S. Chemicals Holdings Limited are available to the public and a copy may be obtained from C/O Foresight Group LLP, The Shard, 32 London Bridge Street, London, SE1 9SG.