| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| LAGWELL INSULATION COMPANY LIMITED |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| LAGWELL INSULATION COMPANY LIMITED |
| LAGWELL INSULATION COMPANY LIMITED (REGISTERED NUMBER: SC056733) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| LAGWELL INSULATION COMPANY LIMITED (REGISTERED NUMBER: SC056733) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
7 |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 8 |
| Capital redemption reserve |
| Retained earnings |
| Shareholders' funds |
| 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| LAGWELL INSULATION COMPANY LIMITED (REGISTERED NUMBER: SC056733) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | Statutory information |
| Lagwell Insulation Company Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover was derived from work carried out insulating commercial property. Revenue from contracts is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| - the amount of revenue can be measured reliably |
| - it is probable that the company will receive the consideration due under the contract |
| - the stage of completion of the contract at the end of the reporting period can be measured reliably, and |
| - the costs incurred and the costs to complete the contract can be measured reliably. |
| Tangible fixed assets |
| Short leasehold | - |
| Tenant's improvement | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| Work in progress |
| Work in progress has been valued at the lower of cost and estimated selling price less costs to sell where the cost includes a relevant proportion of overheads according to the stage of completion. |
| LAGWELL INSULATION COMPANY LIMITED (REGISTERED NUMBER: SC056733) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | Accounting policies - continued |
| Taxation |
| Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred taxation represents the future taxation consequences of transactions and events recognised in the |
| financial statements of current and previous periods. It is recognised in respect of all timing differences, with |
| certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits. |
| Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
| Pension costs and other post-retirement benefits |
| The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year. |
| 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. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Bank and cash |
| Cash at bank and in hand includes cash and short term highly liquid investments with a short |
| maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| LAGWELL INSULATION COMPANY LIMITED (REGISTERED NUMBER: SC056733) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | Tangible fixed assets |
| Short | Tenant's | Plant and |
| leasehold | improvement | machinery |
| £ | £ | £ |
| Cost |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Cost |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| The net book value of assets held under hire purchase contracts at 30 September 2023 was £nil (2022 - £nil). |
| 5. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| LAGWELL INSULATION COMPANY LIMITED (REGISTERED NUMBER: SC056733) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 7. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| 8. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 56 | 56 |