Lang Financial Scotland Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC208335 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LANG FINANCIAL SCOTLAND LIMITED

TRADING AS

LANG FINANCIAL

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S R Lang

REGISTERED OFFICE:

1 Wellington Square

Ayr

Ayrshire

KA7 1EN

REGISTERED NUMBER:

SC208335 (Scotland)

ACCOUNTANTS:

Henry Brown & Co

Chartered Accountants

26 Portland Road

Kilmarnock

Ayrshire

KA1 2EB

FIXED ASSETS

Tangible assets

4

102,441

186,879

Investments

5

50,957

153,398

237,836

CURRENT ASSETS

Debtors

6

374,713

402,173

Cash at bank

535,336

295,993

910,049

698,166

CREDITORS

Amounts falling due within one year

7

191,241

68,093

NET CURRENT ASSETS

718,808

630,073

TOTAL ASSETS LESS CURRENT
LIABILITIES

872,206

867,909

CREDITORS

Amounts falling due after more than one
year

8

-

(33,997

)

PROVISIONS FOR LIABILITIES

-

(288

)

NET ASSETS

872,206

833,624

CAPITAL AND RESERVES

Called up share capital

9

100

Retained earnings

872,106

833,524

SHAREHOLDERS' FUNDS

872,206

833,624

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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2025 and were signed by:

S R Lang - Director

1.	STATUTORY INFORMATION

Lang Financial Scotland 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 (£).

The financial statements relate to a single company.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents fees and commissions earned from the provision of independent financial advice, which is an exempt activity for the purposes of VAT.

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.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 7 (2023 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

COST

At 1 January 2024

170,735

14,842

100,335

15,720

301,632

Disposals

-

(100,335

)

-

(100,335

)

At 31 December 2024

170,735

14,842

-

15,720

201,297

DEPRECIATION

At 1 January 2024

34,147

14,842

50,044

15,720

114,753

Charge for year

34,147

-

10,058

-

44,205

Eliminated on disposal

-

(60,102

)

-

(60,102

)

At 31 December 2024

68,294

14,842

-

15,720

98,856

NET BOOK VALUE

At 31 December 2024

102,441

-

102,441

At 31 December 2023

136,588

-

50,291

-

186,879

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

Motor

vehicles

£

COST

At 1 January 2024

100,335

Disposals

(100,335

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

50,044

Charge for year

10,058

Eliminated on disposal

(60,102

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

50,291

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

50,957

NET BOOK VALUE

At 31 December 2024

50,957

At 31 December 2023

50,957

Cost or valuation at 31 December 2024 is represented by:

Other

investments

£

Valuation in 2020

5,457

Valuation in 2021

45,500

50,957

If Fixed asset investments had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

50,000

Fixed assets investments were valued on an open market basis on 31 December 2020 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Other debtors

374,713

402,173

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Hire purchase contracts

-

10,053

Taxation and social security

185,608

52,884

Other creditors

5,633

5,156

191,241

68,093

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Hire purchase contracts

-

33,997

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

100

Ordinary

1.00

100

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

S R Lang

Balance outstanding at start of year

159,575

91,232

Amounts advanced

85,872

346,878

Amounts repaid

-

(278,535

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

245,447

159,575

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £100,000 (2023 - £100,000) were paid to the director .

During the year the company purchased management services from SRL Ayrshire Limited a company in which S R Lang is a director, the value of these services was £80,000 (2023 - £80,000).

The company also advanced a loan to SRL Ayrshire Limited, at the balance sheet date the amount owed to the company was £129,265 (2023 - £209,265).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is S R Lang.