ACCOUNTS - Final Accounts preparation

Company registration number: 12543024

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	LANNOCK LIMITED formerly Grainworks Limited


LANNOCK LIMITED formerly Grainworks Limited

COMPANY INFORMATION

Directors	A D Cherry
	P D Cherry
	J P Cherry (resigned 9 October 2024)


Registered number	12543024


Registered office	Darnalls Hall Green End
	Weston
	Hitchin
	SG4 7AL


Accountants	Menzies LLP
	Chartered Accountants
	Richmond House
	Walkern Road
	Stevenage
	Herts
	SG1 3QP


LANNOCK LIMITED formerly Grainworks Limited

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 6


LANNOCK LIMITED formerly Grainworks Limited REGISTERED NUMBER:12543024

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		455,636		333,957
			455,636		333,957
Current assets
Stocks		10,079		1,437
Debtors: amounts falling due within one year	5	24,456		18,874
Bank and cash balances		94,013		106,860
		128,548		127,171
Creditors: amounts falling due within one year	6	(121,072)		(126,473)
Net current assets			7,476		698
Total assets less current liabilities			463,112		334,655
Creditors: amounts falling due after more than one year	7		(455,000)		(323,000)

Net assets			8,112		11,655

Capital and reserves
Called up share capital	120	120
Profit and loss account	7,992	11,535
	8,112	11,655

Page 1


LANNOCK LIMITED formerly Grainworks Limited REGISTERED NUMBER:12543024

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

A D Cherry

Director

Date: 23 September 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2


LANNOCK LIMITED formerly Grainworks Limited

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Lannock Limited 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 company changed its name from Grainworks Ltd to Lannock Ltd on 4/12/24.
The presentation currency of the financial statements is the Pound Sterling (£).

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services 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.

Page 3


LANNOCK LIMITED formerly Grainworks Limited

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4


LANNOCK LIMITED formerly Grainworks Limited

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).

4.	Tangible fixed assets

	Land & Buildings	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 January 2024	291,970	68,133	360,103
Additions	104,665	26,040	130,705
At 31 December 2024	396,635	94,173	490,808
Depreciation
At 1 January 2024	-	26,146	26,146
Charge for the year on owned assets	-	9,026	9,026
At 31 December 2024	-	35,172	35,172
Net book value
At 31 December 2024	396,635	59,001	455,636
At 31 December 2023	291,970	41,987	333,957

Debtors

					2024	2023
					£	£


Trade debtors	24,336	18,641
Other debtors	120	233

Page 5


LANNOCK LIMITED formerly Grainworks Limited

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.Debtors (continued)

		24,456	18,874

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	69,999	53,661
Corporation tax	-	6,295
Other taxation and social security	5,649	6,515
Other creditors	32,888	47,791
Accruals and deferred income	12,536	12,211
	121,072	126,473

7.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other loans	142,000	110,000
Other creditors	313,000	213,000
	455,000	323,000

8.	Related party transactions

At the balance sheet date the company owed £275,000 (2023: £200,000) to the related parties. The balance can be found within creditors due in more than one year. Interest is being charged on this loan.
At the balance sheet date the company owed £38,000 (2023: £13,000) to the directors. The balance can be found within creditors due in more than one year. No interest is being charged on this loan.

Page 6