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REGISTERED NUMBER: SC237141 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Lothian Supply Company Limited

Lothian Supply Company Limited (Registered number: SC237141)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Lothian Supply Company Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: W Thomson
K Thomson





SECRETARY: W Thomson





REGISTERED OFFICE: 1 Gregory Road
Kirkton Campus
Livingdton
West Lothian
EH54 7DR





REGISTERED NUMBER: SC237141 (Scotland)





ACCOUNTANTS: Wallace White Accountants
2nd Floor
22-24 Blythswood Square
Glasgow
G2 4BG

Lothian Supply Company Limited (Registered number: SC237141)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 2,064,493 2,058,387
2,064,494 2,058,388

CURRENT ASSETS
Stocks 430,111 403,051
Debtors 6 1,427,499 1,206,433
Cash at bank and in hand 598,589 532,543
2,456,199 2,142,027
CREDITORS
Amounts falling due within one year 7 1,538,602 1,261,084
NET CURRENT ASSETS 917,597 880,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,982,091

2,939,331

CREDITORS
Amounts falling due after more than one
year

8

(437,186

)

(551,048

)

PROVISIONS FOR LIABILITIES (80,130 ) (70,582 )
NET ASSETS 2,464,775 2,317,701

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 1,317,262 1,317,262
Retained earnings 1,147,413 1,000,339
SHAREHOLDERS' FUNDS 2,464,775 2,317,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Lothian Supply Company Limited (Registered number: SC237141)

Balance Sheet - continued
30 September 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:




W Thomson - Director



K Thomson - Director


Lothian Supply Company Limited (Registered number: SC237141)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Lothian Supply Company 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost and 10% on cost

In accordance with SSAP 19, no depreciation is provided in respect of land and buildings with over 20 years to run. This treatment is a departure from the requirements of the Companies Act concerning depreciation of fixed assets, however land and buildings are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot reasonably be separately identified or quantified.

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 for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Lothian Supply Company Limited (Registered number: SC237141)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 31,000
AMORTISATION
At 1 October 2023
and 30 September 2024 30,999
NET BOOK VALUE
At 30 September 2024 1
At 30 September 2023 1

Lothian Supply Company Limited (Registered number: SC237141)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 2,000,000 570,711 2,570,711
Additions - 94,511 94,511
At 30 September 2024 2,000,000 665,222 2,665,222
DEPRECIATION
At 1 October 2023 256,027 256,297 512,324
Charge for year - 88,405 88,405
At 30 September 2024 256,027 344,702 600,729
NET BOOK VALUE
At 30 September 2024 1,743,973 320,520 2,064,493
At 30 September 2023 1,743,973 314,414 2,058,387

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 31,024
At 30 September 2024 31,024
DEPRECIATION
Charge for year 7,756
At 30 September 2024 7,756
NET BOOK VALUE
At 30 September 2024 23,268

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 498,703 540,804
Other debtors 928,796 665,629
1,427,499 1,206,433

Lothian Supply Company Limited (Registered number: SC237141)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 130,250 130,250
Hire purchase contracts 10,341 -
Trade creditors 940,047 796,873
Taxation and social security 40,467 61,684
Other creditors 417,497 272,277
1,538,602 1,261,084

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 420,812 551,048
Hire purchase contracts 16,374 -
437,186 551,048

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 160,312 290,548

9. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans 551,062 681,298
Hire purchase contracts 26,715 -
577,777 681,298

Bank loans are secured by way of a standard security over the company's heritable property and by a government backed guarantee.

Hire purchase creditors are secured over the assets to which they relate.

10. RESERVES
Revaluation
reserve
£   
At 1 October 2023
and 30 September 2024 1,317,262

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors are amounts due to the directors of £180,315 (2023: £182,418).

Lothian Supply Company Limited

Report of the Accountants to the Directors of
Lothian Supply Company Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 September 2024 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Wallace White Accountants
2nd Floor
22-24 Blythswood Square
Glasgow
G2 4BG


31 March 2025