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REGISTERED NUMBER: SC056733 (Scotland)















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 74,540 68,429

Current assets
Stocks 5,911 4,329
Debtors 5 1,134,436 681,622
Cash at bank 86,152 491,117
1,226,499 1,177,068
Creditors
Amounts falling due within one year 6 (399,883 ) (382,396 )
Net current assets 826,616 794,672
Total assets less current liabilities 901,156 863,101

Creditors
Amounts falling due after more than one
year

7

-

(19,998

)

Provisions for liabilities (2,670 ) (416 )
Net assets 898,486 842,687

Capital and reserves
Called up share capital 8 56 56
Capital redemption reserve 24 24
Retained earnings 898,406 842,607
Shareholders' funds 898,486 842,687

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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2025 and were signed on its behalf by:





Ms G Irvine - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC056733

Registered office: Wallyford Industrial Estate
Wallyford
Musselburgh
East Lothian
EH21 8QJ

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


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 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 2% on cost
Tenant's improvement - 5% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 34 (2023 - 34 ) .

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 108,000 21,889 21,213
Additions - - -
At 30 September 2024 108,000 21,889 21,213
Depreciation
At 1 October 2023 45,360 21,889 20,362
Charge for year 2,160 - 128
At 30 September 2024 47,520 21,889 20,490
Net book value
At 30 September 2024 60,480 - 723
At 30 September 2023 62,640 - 851

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 October 2023 55,765 16,715 223,582
Additions 11,450 - 11,450
At 30 September 2024 67,215 16,715 235,032
Depreciation
At 1 October 2023 52,594 14,948 155,153
Charge for year 1,747 1,304 5,339
At 30 September 2024 54,341 16,252 160,492
Net book value
At 30 September 2024 12,874 463 74,540
At 30 September 2023 3,171 1,767 68,429

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 1,079,307 663,682
Other debtors 55,129 17,940
1,134,436 681,622

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 302,736 265,094
Taxation and social security 45,181 44,871
Other creditors 51,966 72,431
399,883 382,396

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 - 19,998

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
56 Ordinary £1 56 56