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REGISTERED NUMBER: SC260985 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

R. LANG & SONS LIMITED

R. LANG & SONS LIMITED (REGISTERED NUMBER: SC260985)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R. LANG & SONS LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: R K Lang
W Lang





REGISTERED OFFICE: 9 Glasgow Road
Paisley
PA1 3QS





REGISTERED NUMBER: SC260985 (Scotland)





ACCOUNTANTS: John M Taylor & Co
Chartered Accountants
9 Glasgow Road
PAISLEY
Renfrewshire
PA1 3QS

R. LANG & SONS LIMITED (REGISTERED NUMBER: SC260985)

BALANCE SHEET
31 January 2024

31.1.23 31.1.24
£    £    Notes £    £   
FIXED ASSETS
1,839,346 Tangible assets 5 1,821,525

CURRENT ASSETS
119,970 Stocks 6 137,963
467,336 Debtors 7 592,867
746,430 Cash at bank and in hand 959,137
1,333,736 1,689,967
CREDITORS
313,036 Amounts falling due within one year 8 403,358
1,020,700 NET CURRENT ASSETS 1,286,609
2,860,046 TOTAL ASSETS LESS CURRENT
LIABILITIES

3,108,134

CREDITORS
(23,183 ) Amounts falling due after more than one year 9 -

(274,890 ) PROVISIONS FOR LIABILITIES 11 (343,381 )
2,561,973 NET ASSETS 2,764,753

CAPITAL AND RESERVES
1,000 Called up share capital 1,000
2,560,973 Retained earnings 2,763,753
2,561,973 2,764,753

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

R. LANG & SONS LIMITED (REGISTERED NUMBER: SC260985)

BALANCE SHEET - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





W Lang - Director


R. LANG & SONS LIMITED (REGISTERED NUMBER: SC260985)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

R. Lang & Sons Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents the total invoice value, less credit notes, excluding value added tax of sales made during the period.

Revenue is recognised when goods or services are received by the customer and the risks and rewards of ownership have been passed to them. Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax.

In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the cost at the balance sheet date plus a contribution to profit dependent on the status of services completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 15% on cost
Computer equipment - 25% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

R. LANG & SONS LIMITED (REGISTERED NUMBER: SC260985)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 current liabilities.

Basic financial instruments
Basic financial instruments are recognised at amortised cost. Financial assets and liabilties are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 27 ) .

R. LANG & SONS LIMITED (REGISTERED NUMBER: SC260985)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant &
Totals property machinery
£    £    £   
COST
At 1 February 2023 2,878,749 392,557 185,397
Additions 589,557 - 12,000
Disposals (434,422 ) - -
At 31 January 2024 3,033,884 392,557 197,397
DEPRECIATION
At 1 February 2023 1,039,403 - 87,853
Charge for year 386,560 - 28,215
Eliminated on disposal (213,604 ) - -
At 31 January 2024 1,212,359 - 116,068
NET BOOK VALUE
At 31 January 2024 1,821,525 392,557 81,329
At 31 January 2023 1,839,346 392,557 97,544

Fixtures
and Motor Computer
fittings vehicles equipment
£    £    £   
COST
At 1 February 2023 19,169 2,271,290 10,336
Additions - 576,729 828
Disposals - (434,422 ) -
At 31 January 2024 19,169 2,413,597 11,164
DEPRECIATION
At 1 February 2023 10,082 932,135 9,333
Charge for year 2,078 355,725 542
Eliminated on disposal - (213,604 ) -
At 31 January 2024 12,160 1,074,256 9,875
NET BOOK VALUE
At 31 January 2024 7,009 1,339,341 1,289
At 31 January 2023 9,087 1,339,155 1,003

R. LANG & SONS LIMITED (REGISTERED NUMBER: SC260985)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023 508,706
Disposals (24,278 )
At 31 January 2024 484,428
DEPRECIATION
At 1 February 2023 224,976
Charge for year 72,664
Eliminated on disposal (7,283 )
At 31 January 2024 290,357
NET BOOK VALUE
At 31 January 2024 194,071
At 31 January 2023 283,730

6. STOCKS
31.1.24 31.1.23
£    £   
Stocks 137,963 119,970

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 559,731 456,426
Other debtors 33,136 10,910
592,867 467,336

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts 8,403 78,479
Trade creditors 159,294 132,609
Taxation and social security 187,373 54,095
Other creditors 48,288 47,853
403,358 313,036

R. LANG & SONS LIMITED (REGISTERED NUMBER: SC260985)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts - 23,183

10. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Hire purchase contracts 8,403 101,662

There is a standard security over the owned land in favour of Airdrie Savings Bank.

Obligations under hire purchase contracts are secured over the assets to which they relate.

11. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 343,381 274,890

Deferred
tax
£   
Balance at 1 February 2023 274,890
Provided during year 68,491
Balance at 31 January 2024 343,381

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.