Company registration number SC619700 (Scotland)
LANFINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
LANFINE LIMITED
COMPANY INFORMATION
Director
Mr P A Witteveen
Company number
SC619700
Registered office
3 - 5 Campbell Street
Darvel
Ayrshire
United Kingdom
KA17 0BU
Accountants
Azets
Titanium 1
King's Inch Place
Renfrew
United Kingdom
PA4 8WF
LANFINE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LANFINE LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
79,317
88,263
Current assets
Stocks
871,145
597,716
Debtors
4
739,631
1,004,204
Cash at bank and in hand
1,938
32,059
1,612,714
1,633,979
Creditors: amounts falling due within one year
5
(2,540,112)
(2,009,702)
Net current liabilities
(927,398)
(375,723)
Total assets less current liabilities
(848,081)
(287,460)
Creditors: amounts falling due after more than one year
6
(46,667)
(159,382)
Net liabilities
(894,748)
(446,842)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(894,749)
(446,843)
Total equity
(894,748)
(446,842)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 20 February 2026
Mr P A Witteveen
Director
Company Registration No. SC619700
LANFINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
1
Accounting policies
Company information

Lanfine Limited is a private company limited by shares incorporated in Scotland. The registered office is 3 - 5 Campbell Street, Darvel, Ayrshire, United Kingdom, KA17 0BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation, with the continued financial support of the company’s bankers and the personal financial support of the director as required, that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on cost
Plant and equipment
20% on cost
Computers
33% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

LANFINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at 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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LANFINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
18
18
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2024
75,152
16,579
17,177
63,089
171,997
Additions
10,355
2,294
-
0
-
0
12,649
At 31 January 2025
85,507
18,873
17,177
63,089
184,646
Depreciation and impairment
At 1 February 2024
30,061
13,231
16,784
23,658
83,734
Depreciation charged in the year
7,909
3,469
359
9,858
21,595
At 31 January 2025
37,970
16,700
17,143
33,516
105,329
Carrying amount
At 31 January 2025
47,537
2,173
34
29,573
79,317
At 31 January 2024
45,091
3,348
393
39,431
88,263
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
712,215
930,928
Other debtors
27,416
73,276
739,631
1,004,204
LANFINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
228,782
127,783
Trade creditors
837,197
521,799
Amounts owed to group undertakings
122,470
127,390
Taxation and social security
224,926
130,977
Other creditors
1,126,737
1,101,753
2,540,112
2,009,702

Included within the above other creditors is a balance of £561,695 (2024: £593,024) owing to HSBC invoice financing.

6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
46,667
126,667
Other creditors
-
0
32,715
46,667
159,382
7
Secured Debts

HSBC Bank PLC holds a floating charge over all property and assets of the company.

8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
23,333
93,333
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The director has granted a personal guarantee in favour of HSBC UK Bank plc, up to the value of £20,000 each in respect of the company's bank loan.

2025
2024
Amounts due to related parties
£
£
Key management personnel
52,970
120,500
Other related parties
529,698
203,156
LANFINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
9
Related party transactions
(Continued)
- 6 -
2025
2024
Amounts due from related parties
£
£
Other related parties
14,990
13,430
Other information

These loans are interest free, unsecured and no repayment terms have been established.

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