Registration number:
for the
Year Ended 31 December 2025
L.F.I. (U.K.) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
L.F.I. (U.K.) Limited
Company Information
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Directors |
Vincent Pascal Sangier Clare Maclennan |
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Registered office |
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Bankers |
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Auditors |
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L.F.I. (U.K.) Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is that of blenders of food ingredients. There has been no change in the Company’s principal activities in the year under review.
Fair review of the business
The results for the year, as set out in the profit and loss account show turnover of £16,138,508 (2024 – £18,419,223) and an operating profit of £299,278 (2024 - £156,364). As of 31 December 2025, the company had net assets of £2,559,737 (2024 - £2,407,125). The directors consider the performance for the year to be satisfactory.
During the year, the Company saw a reduction in volume and turnover due to the full year effect of the strategic customer realignment decision taken in 2024. In 2025, the company continued with it strategic refocus of diversifying the customer base, targeting new markets and strengthening customer relationships.
Financial key performance indicators
The Company's key performance indicators of sales and operating profit are considered hereunder. As shown in the Company's Profit and Loss Account, sales decreased in 2025, reflecting the aforementioned. Operating profit increased during the year as the strategic refocus kicked in.
Principal risks and uncertainties
At L.F.I. (U.K.) Limited, the health, safety, and wellbeing of our employees, customers, and the communities we serve are our absolute top priorities. We are committed to maintaining a safe and secure working environment across all our operations, whilst delivering to the highest standards of food safety.
Cybersecurity has become a critical priority for our business as we recognise the importance of safeguarding our systems, data and digital assets from ever evolving cyber threats. At L.F.I. (U.K.) Limited, we continue to implement our cybersecurity roadmap to protect against unauthorised access, data breaches, and other malicious cyber activities. This includes technology enhancements, robust policies and procedures and education/training for our employees.
The business continues to experience volatility caused by geopolitical instability, including the impact of the ongoing conflicts in Ukraine and the Middle East. Throughout this uncertainty, we continually review the impact on commodity pricing, our customers, our business, and local market that we serve.
The Company's management continuously monitor the internal and external environments to proactively identify new risks or changes to existing ones. This information is regularly reviewed and discussed at the highest levels of our organisation, ensuring that our risk mitigation strategies and controls remain appropriate and effective.
Approved by the
Director
L.F.I. (U.K.) Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The total distribution of interim dividends for the year end 31 December 2025 was £99,769 (2024 - £921,310).
Economic impact of global events
Throughout 2025 the directors have continued to monitor the collective economic impact of sustained geopolitical tensions, volatility in energy and commodity markets, general inflationary pressures and the associated impact to our input and freight costs, and our working capital.
As a supplier into the UK and Ireland baking industry, demand has remained resilient, but margins have been impacted by ongoing supply‑chain disruption affecting raw material, packaging and energy prices. In addition, margins have been adversely impacted by changes to UK employment policy, specifically, changes to the national minimum wage and national insurance contributions.
Management has mitigated these effects through targeted supplier diversification, forward purchasing and tighter inventory management with a continued focus on operational efficiencies. The directors therefore believe the company is well placed to manage the residual risks posed by external events, while continuing to support customers and safeguard liquidity.
Going concern
The directors have reviewed the company's financial position, performance, and forecasts, alongside the current economic environment and the specific challenges and opportunities within the food industry. Based on this assessment, the directors are satisfied that the company has sufficient resources to continue operating for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the financial statements.
Information included in the Strategic Report
The directors have included the Business Review and consideration of the Principal Risks and Uncertainties and the Key Performance Indicators within the Strategic Report on page 2.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
Director
L.F.I. (U.K.) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
L.F.I. (U.K.) Limited
Independent Auditor's Report to the Members of L.F.I. (U.K.) Limited
Opinion
We have audited the financial statements of L.F.I. (U.K.) Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
L.F.I. (U.K.) Limited
Independent Auditor's Report to the Members of L.F.I. (U.K.) Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 Statement of Directors' Responsibilities set out on page 4, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 auditor’s 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 financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
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Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; |
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Inspecting correspondence, if any, with relevant licensing or regulatory authorities; |
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Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and |
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Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. |
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We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. |
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In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. |
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Our audit procedures in relation to fraud included but were not limited to: |
L.F.I. (U.K.) Limited
Independent Auditor's Report to the Members of L.F.I. (U.K.) Limited
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Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; |
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Gaining an understanding of the internal controls established to mitigate risks related to fraud; |
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Discussing amongst the engagement team the risks of fraud; and |
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Addressing the risks of fraud through management override of controls by performing journal entry testing. |
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There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 auditor’s 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
100 Queen Street
G1 3DN
L.F.I. (U.K.) Limited
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
299,278 |
156,364 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(8,632) |
(120,232) |
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Profit before tax |
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Tax on profit |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
L.F.I. (U.K.) Limited
(Registration number: 02222364)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
25,111 |
25,111 |
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Retained earnings |
2,534,626 |
2,382,014 |
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Shareholders' funds |
2,559,737 |
2,407,125 |
Approved and authorised by the
Director
L.F.I. (U.K.) Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Retained earnings |
Total |
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At 1 January 2025 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 December 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 December 2024 |
25,111 |
2,382,014 |
2,407,125 |
L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland ':
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(ii), 11.48(a)(iv), 11.48(b), and 11.48(c);
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Name of parent of group
These financial statements are consolidated in the financial statements of Lesaffre & Compagnie SA.. It is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the
Companies Act 2006.
The financial statements of Lesaffre & Compagnie SA. may be obtained from 41 Rue Etienne Marcel, Paris, 75001, France.
Going concern
The directors have reviewed the company's financial position, performance, and forecasts, alongside the current economic environment and the specific challenges and opportunities within the food industry. Based on this assessment, the directors are satisfied that the company has sufficient resources to continue operating for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the financial statements.
L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Improvements to properties |
10% or 20% straight line |
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Plant and machinery |
5%, 10% or 20% straight line |
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Office equipment |
20% straight line |
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Assets in course of construction |
not provided |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Computer software |
over 5 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Cash pooling balances with group entities that are not immediately accessible are not classified as cash and are included within the amounts owed by / to group undertakings.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-expire, first-out (FEFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an 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.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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Rendering of services |
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The analysis of the company's Turnover for the year by market is as follows:
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2025 |
2024 |
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UK |
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Europe |
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L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Operating profit |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Depreciation and amortisation expense |
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Foreign exchange losses/(gains) |
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( |
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Operating lease expense - property |
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Operating lease expense - plant and machinery |
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Other interest receivable and similar income |
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2025 |
2024 |
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Interest income on investments |
44,799 |
21,686 |
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Interest payable and similar expenses |
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2025 |
2024 |
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Interest expense on other finance liabilities |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2025 |
2024 |
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Production |
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Administration and support |
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L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
- |
( |
|
77,125 |
(10,161) |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
5,552 |
- |
|
Total deferred taxation |
( |
( |
|
Tax expense/(receipt) in the income statement |
|
( |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
( |
( |
|
Tax decrease due to research and development tax credit |
( |
( |
|
Tax (decrease)/increase from other tax effects |
( |
|
|
Total tax charge/(credit) |
|
( |
L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
Short term timing differences |
( |
|
|
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
|
Factors that may affect future tax charges
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group’s financial year beginning 1 January 2024. The Group has
performed an assessment of the Group’s potential exposure to Pillar Two income taxes.
This assessment is based on the most recent information available regarding the financial performance of the constituent entities in the Group. The company has no related current tax exposure for the reporting period as a result of the application of the temporary safe harbour provisions under the legislation. The company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to Section 29 issued in July 2023.
L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Intangible assets |
|
Goodwill |
Patents and licences |
Computer software |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2025 |
|
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
Amortisation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Amortisation charge |
- |
|
|
|
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
- |
|
|
|
|
At 31 December 2024 |
- |
|
|
|
|
Tangible assets |
|
Improvements to property |
Furniture, fittings and equipment |
Assets in course of construction |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
|
Transfers |
- |
|
( |
- |
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2025 |
|
|
- |
|
|
Charge for the year |
|
|
- |
|
|
At 31 December 2025 |
|
|
- |
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials |
|
|
|
Finished goods |
|
|
|
Packaging |
|
|
|
|
|
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
- |
|
|
|
Prepayments |
|
|
|
|
Corporation tax asset |
|
- |
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Accruals |
|
|
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
L.F.I. (U.K.) Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
25,111 |
|
25,111 |
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
These amounts represent the future minimum rentals payable under non-cancellable operating leases.
|
Dividends |
|
2025 |
2024 |
|
|
Dividends paid |
99,769 |
921,310 |
|
Parent and ultimate parent undertaking |
The immediate parent undertaking is Tollblend Limited, a company incorporated in the UK.
The Directors regard Lesaffre & Compagnie SA, a company incorporated in France, as the ultimate parent company. This is the largest group of undertakings for which group financial statements are drawn up. Copies of
the financial statements for both companies are available from Lesaffre & Compagnie SA, 41 Rue Etienne Marcel, Paris, 75001 France.
In the opinion of the Directors there is no ultimate controlling party.