Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false2022-04-01falseNo description of principal activity55trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00762745 2022-04-01 2023-03-31 00762745 2021-04-01 2022-03-31 00762745 2023-03-31 00762745 2022-03-31 00762745 2021-04-01 00762745 c:RestatedAmount 2022-03-31 00762745 2 2021-04-01 2022-03-31 00762745 e:Director1 2022-04-01 2023-03-31 00762745 c:PlantMachinery 2022-04-01 2023-03-31 00762745 c:PlantMachinery 2023-03-31 00762745 c:PlantMachinery 2022-03-31 00762745 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00762745 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00762745 c:MotorVehicles 2022-04-01 2023-03-31 00762745 c:MotorVehicles 2023-03-31 00762745 c:MotorVehicles 2022-03-31 00762745 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00762745 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00762745 c:FurnitureFittings 2022-04-01 2023-03-31 00762745 c:FurnitureFittings 2023-03-31 00762745 c:FurnitureFittings 2022-03-31 00762745 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00762745 c:FurnitureFittings c:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00762745 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00762745 c:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00762745 c:FreeholdInvestmentProperty 2022-04-01 2023-03-31 00762745 c:FreeholdInvestmentProperty 2023-03-31 00762745 c:FreeholdInvestmentProperty 2022-03-31 00762745 c:CurrentFinancialInstruments 2023-03-31 00762745 c:CurrentFinancialInstruments 2022-03-31 00762745 c:Non-currentFinancialInstruments 2023-03-31 00762745 c:Non-currentFinancialInstruments 2022-03-31 00762745 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 00762745 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 00762745 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 00762745 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 00762745 c:ShareCapital 2023-03-31 00762745 c:ShareCapital 2022-03-31 00762745 c:ShareCapital 2021-04-01 00762745 c:InvestmentPropertiesRevaluationReserve 2023-03-31 00762745 c:InvestmentPropertiesRevaluationReserve 2022-03-31 00762745 c:InvestmentPropertiesRevaluationReserve c:RestatedAmount 2022-03-31 00762745 c:InvestmentPropertiesRevaluationReserve 2021-04-01 00762745 c:InvestmentPropertiesRevaluationReserve 2 2021-04-01 2022-03-31 00762745 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00762745 c:RetainedEarningsAccumulatedLosses 2023-03-31 00762745 c:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 00762745 c:RetainedEarningsAccumulatedLosses 2022-03-31 00762745 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2022-03-31 00762745 c:RetainedEarningsAccumulatedLosses 2021-04-01 00762745 c:RetainedEarningsAccumulatedLosses 2 2021-04-01 2022-03-31 00762745 e:FRS102 2022-04-01 2023-03-31 00762745 e:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00762745 e:FullAccounts 2022-04-01 2023-03-31 00762745 e:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00762745 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 00762745 c:HirePurchaseContracts c:WithinOneYear 2022-03-31 00762745 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 00762745 c:HirePurchaseContracts c:BetweenOneFiveYears 2022-03-31 00762745 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00762745 c:AcceleratedTaxDepreciationDeferredTax 2022-03-31 00762745 c:OtherDeferredTax 2023-03-31 00762745 c:OtherDeferredTax 2022-03-31 00762745 2 2022-04-01 2023-03-31 00762745 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-03-31 00762745 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2022-03-31 00762745 c:InvestmentPropertiesRevaluationReserve c:PriorPeriodErrorIncreaseDecrease 2022-04-01 2023-03-31 00762745 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2022-04-01 2023-03-31 00762745 c:PriorPeriodErrorIncreaseDecrease 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

00762745







LANGLEY PROPERTY CO. (MITCHAM) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023

LANGLEY PROPERTY CO. (MITCHAM) LIMITED
REGISTERED NUMBER:00762745

BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible Fixed Assets
 5 
75,226
13,237

Investment property
 6 
11,035,875
11,021,325

  
11,111,101
11,034,562

Current assets
  

Debtors: amounts falling due within one year
 7 
7,349
8,366

Bank and cash balances
  
151,101
342,394

  
158,450
350,760

Creditors: amounts falling due within one year
 8 
(240,957)
(277,529)

Net current (liabilities)/assets
  
 
 
(82,507)
 
 
73,231

Total assets less current liabilities
  
11,028,594
11,107,793

Creditors: amounts falling due after more than one year
 9 
(33,297)
-

Provisions for liabilities
  

Deferred tax
 11 
(1,673,003)
(1,662,302)

  
 
 
(1,673,003)
 
 
(1,662,302)

Net assets
  
9,322,294
9,445,491


Capital and reserves
  

Called up share capital 
  
364
364

Investment property reserve
  
6,229,773
6,229,773

Profit and loss account
  
3,092,157
3,215,354

  
9,322,294
9,445,491


Page 1

LANGLEY PROPERTY CO. (MITCHAM) LIMITED
REGISTERED NUMBER:00762745
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 comprehensive income 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: 




W. W. Langley
Director

Date: 19 September 2023

The notes on pages 5 to 11 form part of these financial statements.

Page 2

LANGLEY PROPERTY CO. (MITCHAM) LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022 (as previously stated)
364
6,229,773
3,432,354
9,662,491

Prior year adjustment
-
-
(217,000)
(217,000)

At 1 April 2022 (as restated)
364
6,229,773
3,215,354
9,445,491


Comprehensive income for the year

Profit for the year
-
-
125,803
125,803

Dividends: Equity capital
-
-
(249,000)
(249,000)


At 31 March 2023
364
6,229,773
3,092,157
9,322,294


The notes on pages 5 to 11 form part of these financial statements.

Page 3

LANGLEY PROPERTY CO. (MITCHAM) LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 April 2021
364
6,629,353
3,333,613
9,963,330


Comprehensive income for the year

Loss for the year
-
-
(300,839)
(300,839)

Dividends: Equity capital
-
-
(217,000)
(217,000)

Fair value movements
-
(399,580)
399,580
-


At 31 March 2022
364
6,229,773
3,215,354
9,445,491


The notes on pages 5 to 11 form part of these financial statements.

Page 4

LANGLEY PROPERTY CO. (MITCHAM) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Langley Property Co. (Mitcham) Limited (the "Company") is a limited company domiciled and incorporated in England and Wales.
The address of the Company's registered office and place of business is The Coach House, Southwood, Buckhurst Road, Westerham Hill, Kent, TN16 2HR.
The principal activity of the Company is to hold investment properties.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

Monetary amounts in these financial statements are stated in sterling and rounded to the nearest whole £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

Having taken into account all available information about the company’s trading prospects and cash flow requirements for 12 months from the date of approval of the financial statements, the directors consider that the company is a going concern.

 
2.3

Revenue

Turnover comprises rent received for the period the property was let.  Revenue is recognised on an accruals basis.  

 
2.4

 Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

LANGLEY PROPERTY CO. (MITCHAM) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 Balance sheet 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 balance sheet date.

 
2.7

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.

Depreciation is provided on the following basis:

Plant and machinery
-
20% straight line basis
Motor vehicles
-
25% straight line basis
Fixtures and fittings
-
25% straight line basis

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 6

LANGLEY PROPERTY CO. (MITCHAM) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.  

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.10

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.  

 
2.13

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies 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 that are believed to be reasonable under the circumstances.
In determining the value of the properties held by the Company, the directors consider all relevant available information, including but not limited to relevant valuation indices for properties of a similar type in the locations in which the properties are held.  The directors will use their judgement in selecting and applying these indices as well as their experience within the industry to determine a suitable valuation for the revaluation of the properties within the year.


4.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 7

LANGLEY PROPERTY CO. (MITCHAM) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
63,028
79,406
33,527
175,961


Additions
3,042
65,700
-
68,742



At 31 March 2023

66,070
145,106
33,527
244,703



Depreciation


At 1 April 2022
50,299
79,406
33,019
162,724


Charge for the year on owned assets
3,876
-
139
4,015


Charge for the year on financed assets
-
2,738
-
2,738



At 31 March 2023

54,175
82,144
33,158
169,477



Net book value



At 31 March 2023
11,895
62,962
369
75,226



At 31 March 2022
12,729
-
508
13,237

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
62,962
-

Page 8

LANGLEY PROPERTY CO. (MITCHAM) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
11,021,325


Additions at cost
14,550



At 31 March 2023
11,035,875

The 2023 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2023
2022
£
£


Trade debtors
2,193
3,728

Other debtors
4,018
3,500

Tax recoverable
1,138
1,138

7,349
8,366



8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
9,315
5,919

Corporation tax
13,190
19,805

Other taxation and social security
3,689
4,447

Obligations under finance lease and hire purchase contracts
6,423
-

Other creditors
182,517
219,958

Accruals and deferred income
25,823
27,400

240,957
277,529


Hire purchase liabilities are secured over the leased asset.

Page 9

LANGLEY PROPERTY CO. (MITCHAM) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
33,297
-


Hire purchase liabilities are secured over the leased asset.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
6,423
-

Between 1-5 years
33,297
-

39,720
-

Page 10

LANGLEY PROPERTY CO. (MITCHAM) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Deferred taxation




2023


£






At beginning of year
(1,662,302)


Charged to profit or loss
(10,701)



At end of year
(1,673,003)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,511)
9,986

Potential tax payable on sale of investment properties
(1,667,492)
(1,672,288)

(1,673,003)
(1,662,302)


12.


Prior year adjustment

The comparatives have been restated in respect of dividends of £217,000 that were omitted from the prior year financial statements. The impact of this restatement on the comparatives is to increase creditors due in less than one year by £217,000 and to decrease the profit and loss account reserve by £217,000.  


13.


Related party transactions

At the year-end, £3,938 (2022: £3,500) was due from Southwood Farm, of which W. W. Langley is a partner.  This amount is unsecured and interest free.

 
Page 11