IRIS Accounts Production v25.1.0.734 02875769 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities manufacture and sale of chemical products. true false true true false false false true true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028757692023-12-31028757692024-12-31028757692024-01-012024-12-31028757692022-12-31028757692023-01-012023-12-31028757692023-12-3102875769ns15:EnglandWales2024-01-012024-12-3102875769ns14:PoundSterling2024-01-012024-12-3102875769ns10:Director12024-01-012024-12-3102875769ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3102875769ns10:MediumEntities2024-01-012024-12-3102875769ns10:Audited2024-01-012024-12-3102875769ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3102875769ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3102875769ns10:FullAccounts2024-01-012024-12-310287576912024-01-012024-12-3102875769ns10:OrdinaryShareClass12024-01-012024-12-3102875769ns10:Director22024-01-012024-12-3102875769ns10:Director32024-01-012024-12-3102875769ns10:Director42024-01-012024-12-3102875769ns10:Director52024-01-012024-12-3102875769ns10:RegisteredOffice2024-01-012024-12-3102875769ns5:CurrentFinancialInstruments2024-12-3102875769ns5:CurrentFinancialInstruments2023-12-3102875769ns5:Non-currentFinancialInstruments2024-12-3102875769ns5:Non-currentFinancialInstruments2023-12-3102875769ns5:ShareCapital2024-12-3102875769ns5:ShareCapital2023-12-3102875769ns5:RetainedEarningsAccumulatedLosses2024-12-3102875769ns5:RetainedEarningsAccumulatedLosses2023-12-3102875769ns5:ShareCapital2022-12-3102875769ns5:RetainedEarningsAccumulatedLosses2022-12-3102875769ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102875769ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-310287576912024-01-012024-12-3102875769ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3102875769ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-3102875769ns5:PlantMachinery2024-01-012024-12-3102875769ns5:FurnitureFittings2024-01-012024-12-3102875769ns15:UnitedKingdom2024-01-012024-12-3102875769ns15:UnitedKingdom2023-01-012023-12-3102875769ns15:Europe2024-01-012024-12-3102875769ns15:Europe2023-01-012023-12-3102875769ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2024-01-012024-12-3102875769ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3102875769ns10:HighestPaidDirector2024-01-012024-12-3102875769ns10:HighestPaidDirector2023-01-012023-12-3102875769ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-01-012024-12-3102875769ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3102875769ns5:OwnedAssets2024-01-012024-12-3102875769ns5:OwnedAssets2023-01-012023-12-3102875769ns10:OrdinaryShareClass12023-01-012023-12-3102875769ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3102875769ns5:PatentsTrademarksLicencesConcessionsSimilar2024-12-3102875769ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3102875769ns5:LandBuildings2023-12-3102875769ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3102875769ns5:PlantMachinery2023-12-3102875769ns5:FurnitureFittings2023-12-3102875769ns5:LandBuildings2024-01-012024-12-3102875769ns5:LongLeaseholdAssetsns5:LandBuildings2024-01-012024-12-3102875769ns5:LandBuildings2024-12-3102875769ns5:LongLeaseholdAssetsns5:LandBuildings2024-12-3102875769ns5:PlantMachinery2024-12-3102875769ns5:FurnitureFittings2024-12-3102875769ns5:LandBuildings2023-12-3102875769ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3102875769ns5:PlantMachinery2023-12-3102875769ns5:FurnitureFittings2023-12-3102875769ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3102875769ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3102875769ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-12-3102875769ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3102875769ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-12-3102875769ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3102875769ns5:Secured2024-12-3102875769ns5:Secured2023-12-3102875769ns5:DeferredTaxation2023-12-3102875769ns5:DeferredTaxation2024-01-012024-12-3102875769ns5:DeferredTaxation2024-12-3102875769ns10:OrdinaryShareClass12024-12-3102875769ns5:RetainedEarningsAccumulatedLosses2023-12-3102875769ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-01-012024-12-3102875769ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-12-3102875769ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-12-31
REGISTERED NUMBER: 02875769 (England and Wales)

































Strategic Report,

Report of the Directors and

Financial Statements

For The Year Ended

31 December 2024

for

LAKELAND LABORATORIES LTD

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)






Contents of the Financial Statements
For The Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 5

Report of the Independent Auditors 6

Profit and Loss Account 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


LAKELAND LABORATORIES LTD

Company Information
For The Year Ended 31 December 2024







DIRECTORS: Mr P McCormack
Mr E Seddon
Mr J R Clark
Mrs S Oliver
Mrs C Buckley



REGISTERED OFFICE: Peel Lane
Astley Green
Tyldesley
Manchester
M29 7FE



REGISTERED NUMBER: 02875769 (England and Wales)



SENIOR STATUTORY AUDITOR: Steven John Collings FCCA



AUDITORS: Leavitt Walmsley Associates Limited
Chartered Certified Accountants and
Statutory Auditors
8 Eastway
Sale
Cheshire
M33 4DX

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Strategic Report
For The Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company continues to specialise in chemical manufacturing. The year ended 31 December 2024 recorded turnover of £11 million (2023: £10.3 million). The increase in turnover was due to an increase in sales volumes (although selling prices were slightly down on 2023). The directors are pleased with the performance of the company in 2024.

Gross profit margins slightly improved from 20.8% in 2023 to 25.2% in 2024.

Administrative expenses saw an increase of 18.1% and this is largely due to an increase in carriage costs.

Raw material supply was found to be a lot more stable in 2024. The team have continued to meet customer demands and maintain our customer base whilst developing new business.

During the year, the company received exceptional income amounting to £117,343 (2023: £nil). This relates to the formal closure of the defined benefit pension plan. After closure protocol had been followed, the pension fund transferred the balance in the bank account back to the company as its sponsoring employer.

Profit before tax amounted to £1.6 million as opposed to £1.1 million in the prior year. With the continuation of global supply issues and a gradual reduction in inflation, the team have continued to meet customer demands and maintain our customer base.

PRINCIPAL RISKS AND UNCERTAINTIES
The following principal risks and uncertainties have been identified by the directors:

Currency risk
A proportion of the company's turnover is derived from overseas. Fluctuations in currency are a principal risk and the company manages this risk through natural hedges with sales and purchases in Euros. Increased purchases in US Dollars, with an imbalance of sales, has led to uncertainties and risk.

Credit risk
The company supplies goods on credit to its customers. The principal risk is credit risk, being the risk that the debtor balance is irrecoverable. The company mitigates this risk as far as possible by credit-checking customers and monitoring outstanding balances on a regular basis.

Market risk
Market risk is the risk that the business will experience losses due to factors that affect the overall market in which the entity operates. To mitigate this risk, the directors ensure competitive product pricing with respect to changes in material and energy costs.

Interest rate and liquidity risk
The company is exposed to interest rate risk in respect of its bank loan. The slight reduction in interest rates benefited debt repayment. Cash flow remained healthy during 2024 despite investments in infrastructure which is due to the company's effective treasury management protocol.


LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Strategic Report
For The Year Ended 31 December 2024

KEY PERFORMANCE INDICATORS
The directors use a number of Key Performance Indicators (KPIs) to monitor and assess the health of the business.

Turnover £11.0m (2023: £10.3m)
Gross profit £2.8m (2023: £2.1m)
Gross profit margin 25.2% (2023: 20.8%)
Operating profit £1.5m (2023: £1.1m)
Net current assets £4.9m (2023: £5.0m)
Net assets £5.8m (2023: £5.4m)
Cash and cash equivalents £1.7m (2023: £1.9m)

Key performance indicators (KPIs) include revenue, gross profit and operating profit. These KPIs are selected as 'key' on the basis that the company is driven by gross profit margins on sales and the directors strive to keep margins as high as possible in order to preserve profit. Operating profit is also a KPI on the grounds that it is an indicator of business performance, whereas profit before tax may include exceptional items.

Non-financial KPIs
Non-financial KPIs include customer retention and sales volumes.

FUTURE DEVELOPMENTS
The directors sanctioned several large investments in plant and equipment in 2024 which will continue into 2025 with a view to improving flexibility and efficiency in production, whilst reducing energy use.

We remain committed to our staff and their working environment. The board is committed to our ISO 9001, 14001 and 45001 accreditations, as well as all necessary regulatory demands and environmental awareness (in particular sustainability and regulatory challenges).

The year ending 31 December 2025 has started with similar demand as in quarter 1 of 2024, although quarter 2 has reduced slightly on the same quarter of the previous year.

ON BEHALF OF THE BOARD:





Mr P McCormack - Director


24 June 2025

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Report of the Directors
For The Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
Interim dividends were declared during the year amounting to £1,010,299 (2023: £668,253).

The directors have recommended that no final dividend be paid for the year ended 31 December 2024 (2023: no final dividend).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr P McCormack
Mr E Seddon
Mr J R Clark
Mrs S Oliver
Mrs C Buckley

FINANCIAL INSTRUMENTS
The company uses financial instruments and these include a bank loan, cash and various items such as trade debtors and creditors that arise directly from its operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below:

Liquidity risk
The company seeks to manage financial risks by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.

Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with trade debtors is irrecoverable debts. The company manages this risk through thorough credit checks on customers and the creditworthiness of customers is monitored continuously.

Interest rate risk
The company finances its operations primarily through retained profits and bank accounts. In 2023, the company secured a bank loan in order to carry out the management buyout. The company is exposed to interest rate risk in the event of an increase in such rates by the Bank of England. The company seeks to minimise this risk through preserving sufficient cash in order to meet its obligations under the terms of the bank loan.

FUTURE DEVELOPMENTS
Future developments are addressed in the strategic report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the strategic report information required by The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008m, sch 7 to be contained in the directors' report. It has done so in respect of future developments.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr P McCormack - Director


24 June 2025

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Statement of Directors' Responsibilities
For The Year Ended 31 December 2024

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

Report of the Independent Auditors to the Members of
Lakeland Laboratories Ltd

Opinion
We have audited the financial statements of Lakeland Laboratories Ltd (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Other 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 2024 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 Auditors' 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 financial statements are 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 in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Lakeland Laboratories Ltd


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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 five, 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 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.

Report of the Independent Auditors to the Members of
Lakeland Laboratories Ltd


Auditors' 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 a Report of the Auditors 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:

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses, and to respond appropriately to fraud or suspected fraud identified during the audit.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and
- discussed matters about non-compliance with laws and regulations and how fraud may occur including an assessment of how, and where, the financial statements may be susceptible to fraud.

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are:

- FRS 102;
- Companies Act 2006; and
- Tax legislation.

We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with tax authorities and regulators.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety and environmental regulations. We performed audit procedures to inquire of management and those charged with governance as to whether the company is in compliance with these laws and regulations and reviewing any notices published by the Health and Safety Executive. We also made inquiries with those charged with governance to identify any live and material claims or disputes with customers.

The audit engagement team identified the risk of management override of controls, revenue recognition and estimates in the valuation of stock as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to:

- Testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. This also included an assessment of whether the judgements made in making accounting estimates are indicative of potential bias.
- Testing a sample of revenue transactions recognised either side of the balance sheet date to determine whether revenue was recognised in the correct period.
- Challenging judgements and estimates applied in the valuation of work in progress and reviewing post-year end performance to determine whether these estimates were reasonable.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Report of the Independent Auditors to the Members of
Lakeland Laboratories Ltd

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our 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 a Report of the Auditors 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.




Steven John Collings FCCA (Senior Statutory Auditor)
for and on behalf of Leavitt Walmsley Associates Limited
Chartered Certified Accountants and
Statutory Auditors
8 Eastway
Sale
Cheshire
M33 4DX

24 June 2025

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Profit and Loss Account
For The Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   

TURNOVER 3 11,006,289 10,309,996

Cost of sales 8,224,295 8,165,181
GROSS PROFIT 2,781,994 2,144,815

Distribution costs 163,630 98,032
Administrative expenses 1,124,978 952,948
1,288,608 1,050,980
1,493,386 1,093,835

Other operating income 45 8,050
OPERATING PROFIT 5 1,493,431 1,101,885

Exceptional income 6 117,343 -
1,610,774 1,101,885

Interest receivable and similar income 94,248 83,849
1,705,022 1,185,734

Interest payable and similar expenses 7 56,622 45,951
PROFIT BEFORE TAXATION 1,648,400 1,139,783

Tax on profit 8 265,286 218,656
PROFIT FOR THE FINANCIAL YEAR 1,383,114 921,127

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Other Comprehensive Income
For The Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 1,383,114 921,127


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,383,114

921,127

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 65,776 65,776
Tangible assets 11 1,499,872 1,180,588
1,565,648 1,246,364

CURRENT ASSETS
Stocks 12 1,039,931 918,294
Debtors 13 3,652,548 3,323,922
Cash at bank and in hand 1,692,189 1,850,555
6,384,668 6,092,771
CREDITORS
Amounts falling due within one year 14 1,467,691 1,104,809
NET CURRENT ASSETS 4,916,977 4,987,962
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,482,625

6,234,326

CREDITORS
Amounts falling due after more than one year 15 (631,700 ) (694,226 )

PROVISIONS FOR LIABILITIES 18 (33,337 ) (95,327 )
NET ASSETS 5,817,588 5,444,773

CAPITAL AND RESERVES
Called up share capital 19 194,000 194,000
Retained earnings 20 5,623,588 5,250,773
SHAREHOLDERS' FUNDS 5,817,588 5,444,773

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2025 and were signed on its behalf by:





Mr P McCormack - Director


LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Statement of Changes in Equity
For The Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 194,000 4,997,899 5,191,899

Changes in equity
Dividends - (668,253 ) (668,253 )
Total comprehensive income - 921,127 921,127
Balance at 31 December 2023 194,000 5,250,773 5,444,773

Changes in equity
Dividends - (1,010,299 ) (1,010,299 )
Total comprehensive income - 1,383,114 1,383,114
Balance at 31 December 2024 194,000 5,623,588 5,817,588

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements
For The Year Ended 31 December 2024

1. STATUTORY INFORMATION

Lakeland Laboratories Ltd is a private company, limited by shares , registered in England and Wales. 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The company's functional and presentation currency is sterling.

Going concern
As at 31 December 2024, the company had cash of £1.7m and had a strong forward order book.

The uncertainty as to the future impact on the company of external factors has been considered as part of the company's adoption of the going concern basis. The directors have completed an assessment as to the potential impact to the company in the event of certain downside scenarios, including a significant deterioration in revenues and productivity.

The financial statements have been prepared on the going concern basis which the directors believe is appropriate for the following reasons:

- The company currently meets its day-to-day working capital requirements through cash balances
- Interim financial statements indicate a good level of profit so far in the year to 31 December 2025
- The directors are confident the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced 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 requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events which are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of property, plant and equipment and intangible assets
The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values (of both tangible and intangible assets) are re-assessed annually and are amended, when necessary, to reflect current estimates. Changes in residual values and economic lives are accounted for as a change in accounting estimate under Section 10 of FRS 102 'Accounting Policies, Estimates and Errors'.

Stock obsolescence
Stock is valued at the lower of cost and estimated selling price. A provision is made in respect of obsolete and/or slow-moving stock when it is clear that estimated selling price is lower than cost. Stock is deemed to be obsolete when it is either damaged or the chemical mix is incorrect and hence cannot be used in other products.

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents sales of goods delivered to customers net of VAT and trade discounts provided in the normal course of business. Turnover is recognised when the goods leave the site, hence is the point at which the risks and rewards of ownership pass to the buyer. Revenue in respect of the sale of goods are recognised when all of the following conditions are recognised:

(a) the company has transferred all significant risks and rewards of ownership of the goods;
(b) the company does not retain any managerial involvement or effective control over the goods;
(c) the amount of the sale can be reliably measured;
(d) it is probable that economic benefit associated with the sale will flow to the entity; and
(e) the costs (to be) incurred in respect of the transaction can be reliably measured.

Any transactions which do not meet the above recognition criteria are not recognised as revenue.

Where the company is unable to determine its share of revenue, such as in respect of chemicals subject to REACH licences, no revenue is recognised and the sale is treated as deferred income and presented within creditors: amounts falling due within one year until such time that the company can reliably measure its share of the revenue.

Intangible assets
Intangible assets represent REACH licences acquired in order to manufacture certain chemicals. The licences are recognised on the balance sheet as an intangible asset at cost less accumulated amortisation and less any applicable 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.
Freehold property - 4% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Residual values of fixed assets are calculated on current prices which the assets would fetch in the open market if they were of the age and condition expected at the end of their useful economic lives. Profits or losses on the disposal of fixed assets are included in the calculation of profit for the period.

The company does not have a capitalisation threshold.

At each balance sheet date, the directors review the useful lives and residual values of the company's assets and these are revised as necessary. Any revisions to useful lives and residual values are applied prospectively from the date of change.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are valued on a first-in first-out (FIFO) basis. Cost comprises the purchase price of the raw materials plus any costs directly attributable in bringing the materials to the location and conditions intended by management.

Estimated selling price less costs to complete and sell are based on the prices available in the market in which a willing, knowledgeable and informed third party would offer in exchange for the goods.

Stocks are reviewed at each balance sheet for evidence of obsolescence or damage and their estimated selling price less costs to complete and sell established. Where estimated selling price less costs to complete and sell are lower than cost, a write-down of the stock takes place which is recognised immediately in profit and loss. Slow-moving items are also reviewed at each reporting date for evidence that cost is lower than estimated selling price less costs to complete and sell; where any write-downs or additional write-downs are required, these are also recognised in profit and loss.

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply (where applicable) the provisions of FRS 102, Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently measured at amortised cost using the effective interest rate, unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each balance sheet date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and accruals are initially recognised at transaction price unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Tax charge and current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax is recognised on a timing difference plus approach.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable for the year are charged to the profit and loss account.

Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 3,345,586 4,069,783
Europe 5,529,908 4,905,196
Rest of world 2,130,795 1,335,017
11,006,289 10,309,996

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,174,907 1,147,618
Social security costs 49,035 43,843
Other pension costs 235,975 133,564
1,459,917 1,325,025

The average number of employees during the year was as follows:
31.12.24 31.12.23

Management 5 5
Administration and technical 5 5
Production and sales 11 11
21 21

31.12.24 31.12.23
£    £   
Directors' remuneration 396,980 358,725
Directors' pension contributions to money purchase schemes 183,489 53,759

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 101,845 101,340
Pension contributions to money purchase schemes 43,244 18,025

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Hire of plant and machinery 8,407 7,158
Depreciation - owned assets 96,888 76,077
Profit on disposal of fixed assets - (14,890 )
Auditors' remuneration 21,100 13,700
Foreign exchange differences 10,316 26,791

6. EXCEPTIONAL ITEMS
31.12.24 31.12.23
£    £   
Exceptional income 117,343 -

Exceptional income relates to a refund in respect of the closure of the company's defined benefit pension plan due to the buyout of the scheme in 2023.

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank loan interest 56,622 45,951

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 327,276 218,315

Deferred tax (61,990 ) 341
Tax on profit 265,286 218,656

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 1,648,400 1,139,783
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

412,100

284,946

Effects of:
Expenses not deductible for tax purposes 2,270 1,103
Income not taxable for tax purposes (75,791 ) (56,090 )
Capital allowances in excess of depreciation (11,148 ) -
Depreciation in excess of capital allowances - 5,382
Deferred tax movement (61,990 ) 341
Effect of a change in tax rate - (17,026 )
Trading charges (155 ) -
Total tax charge 265,286 218,656

9. DIVIDENDS
31.12.24 31.12.23
£    £   
Interim 1,010,299 668,253

10. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2024
and 31 December 2024 65,776
NET BOOK VALUE
At 31 December 2024 65,776
At 31 December 2023 65,776

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

10. INTANGIBLE FIXED ASSETS - continued

The company has not charged any amortisation on intangible assets on the grounds that the directors believe the REACH licences have an indefinite life.

11. TANGIBLE FIXED ASSETS
Asset Fixtures
Freehold under Plant and and
property construction machinery fittings Totals
£    £    £    £    £   
COST
At 1 January 2024 839,281 - 1,329,663 301,248 2,470,192
Additions - 277,447 89,691 49,034 416,172
Disposals - - - (67,383 ) (67,383 )
At 31 December 2024 839,281 277,447 1,419,354 282,899 2,818,981
DEPRECIATION
At 1 January 2024 40,000 - 978,124 271,480 1,289,604
Charge for year 8,000 - 68,704 20,184 96,888
Eliminated on disposal - - - (67,383 ) (67,383 )
At 31 December 2024 48,000 - 1,046,828 224,281 1,319,109
NET BOOK VALUE
At 31 December 2024 791,281 277,447 372,526 58,618 1,499,872
At 31 December 2023 799,281 - 351,539 29,768 1,180,588

12. STOCKS
31.12.24 31.12.23
£    £   
Raw materials 613,866 504,885
Finished goods 426,065 413,409
1,039,931 918,294

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,346,504 1,171,158
Amounts owed by group undertakings 2,000,000 2,000,000
Other debtors 4,819 -
VAT 141,706 47,402
Prepayments 159,519 105,362
3,652,548 3,323,922

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 16) 62,526 57,786
Trade creditors 524,966 406,007
Amts owed to group undertaking 63,998 64,040
Tax 403,067 270,682
Social security and other taxes 55,456 59,853
Other creditors 70,114 50,980
Deferred income 216,774 151,849
Accruals 70,790 43,612
1,467,691 1,104,809

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 16) 631,700 694,226

16. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 62,526 57,786

Amounts falling due between one and two years:
Bank loans - 1-2 years 67,656 62,526

Amounts falling due between two and five years:
Bank loans - 2-5 years 564,044 631,700

17. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Bank loans 694,226 752,012

The bank loan is secured by way of a debenture and cross guarantee dated 29 March 2023 with fixed and floating charges covering all the property or undertaking of the company.

18. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 33,337 95,327

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 95,327
Credit to Profit and Loss Account during year (61,990 )
Balance at 31 December 2024 33,337

Deferred tax balances have arisen due to accelerated capital allowances on qualifying assets. These balances are expected to reverse over the next five years.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
194,000 Ordinary £1 194,000 194,000

Each ordinary share has the right of one vote per share, the right to participate in the distribution of dividends and equal rights of the repayment of capital.

20. RESERVES
Retained
earnings
£   

At 1 January 2024 5,250,773
Profit for the year 1,383,114
Dividends (1,010,299 )
At 31 December 2024 5,623,588

Retained earnings includes all current and prior period retained profits and losses.

21. ULTIMATE PARENT COMPANY

Lakeland Laboratories Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

Lakeland Laboratories Holdings Ltd is registered in England and Wales under company number 14621068.

The smallest and largest group in which the company is consolidated is Lakeland Laboratories Holdings Ltd.

Copies of the parent company's consolidated financial statements are available from Companies House.

Immediate parent company
The company's immediate parent company is Lakeland Chemicals Ltd. Lakeland Chemicals Ltd is registered in England and Wales under company number 03178821.

22. CAPITAL COMMITMENTS
31.12.24 31.12.23
£    £   
Contracted but not provided for in the
financial statements 142,225 -

LAKELAND LABORATORIES LTD (REGISTERED NUMBER: 02875769)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2024

23. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.12.24 31.12.23
£    £   
Amount due from related party 2,000,000 2,000,000
Amount due to related party 63,998 64,039

Amounts owed by a related party relate to a loan made to the ultimate parent entity to effect a management buyout which was finalised in 2023. The loan is repayable on demand and is unsecured.