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LAPWINE LIMITED

Registered Number
SC164204
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2025

LAPWINE LIMITED
Company Information
for the year from 1 April 2024 to 31 March 2025

Directors | Joseph Paul White
| Lisa White

Company Secretary | Joseph Paul White

Registered Address | Clarence House
| 7 Hood Street
| Greenock
| PA15 1YQ

Registered Number | SC164204 (Scotland)

LAPWINE LIMITED
Balance Sheet as at
31 March 2025

| Notes | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |
Tangible assets | 3 |  |  | 710,437 |  |  |  | 811,929
Investments | 5 |  |  | - |  |  |  | 648
Investment property | 4 |  |  | 6,911,020 |  |  |  | 6,911,020
|  |  |  | 7,621,457 |  |  |  | 7,723,597
Current assets |  |  |  |  |  |  |  |
Debtors | 6 | 525,498 |  |  |  | 411,628 |  |
Cash at bank and on hand |  | 105,924 |  |  |  | 315,395 |  |
|  | 631,422 |  |  |  | 727,023 |  |
Creditors amounts falling due within one year | 7 | (981,072) |  |  |  | (1,121,568) |  |
Net current assets (liabilities) |  |  |  | (349,650) |  |  |  | (394,545)
Total assets less current liabilities |  |  |  | 7,271,807 |  |  |  | 7,329,052
Creditors amounts falling due after one year | 8 |  |  | (3,492,304) |  |  |  | (3,636,069)
Provisions for liabilities | 10 |  |  | (200,480) |  |  |  | (165,768)
Net assets |  |  |  | 3,579,023 |  |  |  | 3,527,215
Capital and reserves |  |  |  |  |  |  |  |
Called up share capital |  |  |  | 2,200,009 |  |  |  | 2,200,009
Revaluation reserve |  |  |  | 625,417 |  |  |  | 625,417
Profit and loss account |  |  |  | 753,597 |  |  |  | 701,789
Shareholders' funds |  |  |  | 3,579,023 |  |  |  | 3,527,215

- The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
- The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
- These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
- The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 18 February 2026, and are signed on its behalf by:
Joseph Paul White Director
Lisa White Director Registered Company No. SC164204

LAPWINE LIMITED
Notes to the Financial Statements
for the year ended 31 March 2025

1. | Accounting policies
--- | ---

| Statutory information
--- | ---
| The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

| Statement of compliance
--- | ---
| The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

| Basis of preparation
--- | ---
| The accounts have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard)

| Turnover policy
--- | ---
| The turnover shown in the profit and loss account represents rental income receivable during the year. Income is recognised on the basis of rent due for the year.

| Operating leases
--- | ---
| Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

| Finance costs
--- | ---
| Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

| Deferred tax
--- | ---
| Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

| Tangible fixed assets and depreciation
--- | ---
| All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

|  | Straight line (years)
| Plant and machinery | 10

| Investments
--- | ---
| Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

| Investment property
--- | ---
| The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.

| Financial instruments
--- | ---
| Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

2. | Average number of employees
--- | ---

|  | 2025 |  | 2024
| Average number of employees during the year | 0 |  | 0

3. | Tangible fixed assets
--- | ---

|  | Plant & machinery |  | Total
--- | --- | --- | --- | ---
|  | £ |  | £
| Cost or valuation
| At 01 April 24 | 1,014,910 |  | 1,014,910
| At 31 March 25 | 1,014,910 |  | 1,014,910
| Depreciation and impairment
| At 01 April 24 | 202,981 |  | 202,981
| Charge for year | 101,492 |  | 101,492
| At 31 March 25 | 304,473 |  | 304,473
| Net book value
| At 31 March 25 | 710,437 |  | 710,437
| At 31 March 24 | 811,929 |  | 811,929

4. | Investment property
--- | ---
| The investment properties were revalued on an open market basis by the directors on 31 March 2014. The director's valuation at 31 March 2025 remains unchanged. The fair value represents the original costs of £6,077,132 plus subsequent revaluations totalling £833,888.

|  | £
| Fair value at 01 April 24 | 6,911,020
| At 31 March 25 | 6,911,020

5. | Fixed asset investments
--- | ---

|  | Other investments1 |  | Total
--- | --- | --- | --- | ---
|  | £ |  | £
| Cost or valuation
| At 01 April 24 | 648 |  | 648
| Disposals | (648) |  | (648)
| Net book value
| At 31 March 25 | - |  | -
| At 31 March 24 | 648 |  | 648

| Notes
--- | ---
| 1Other investments other than loans

6. | Debtors: amounts due within one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade debtors / trade receivables | 157,109 |  | -
| Other debtors | 365,700 |  | 399,914
| Prepayments and accrued income | 2,689 |  | 11,714
| Total | 525,498 |  | 411,628

7. | Creditors: amounts due within one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Trade creditors / trade payables | 143,845 |  | 239,114
| Bank borrowings and overdrafts | 143,765 |  | 116,065
| Taxation and social security | - |  | 18,500
| Other creditors | 684,453 |  | 708,419
| Accrued liabilities and deferred income | 9,009 |  | 39,470
| Total | 981,072 |  | 1,121,568

| Included within other creditors are loans from directors which are interest free and repayable on demand.

8. | Creditors: amounts due after one year
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Bank borrowings and overdrafts | 3,492,304 |  | 3,636,069
| Total | 3,492,304 |  | 3,636,069

9. | Secured creditors
--- | ---
| The loans are secured over the company's properties.

10. | Provisions for liabilities
--- | ---

|  | 2025 |  | 2024
--- | --- | --- | --- | ---
|  | £ |  | £
| Other provisions | 200,480 |  | 165,768
| Total | 200,480 |  | 165,768

11. | Related party transactions
--- | ---
| The loan balance due to directors amounted to £215,325 (2024 : £174,605) at the year end.