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REGISTERED NUMBER: 06014654 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2023

FOR

LANGDOWNS DFK LIMITED

LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LANGDOWNS DFK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTORS: Mr G R Lovell
Mr G E Taylor
Mr N A Raynsford
Mr R M Garfitt
Mr K Flain
Miss J B Whiteway
Mrs C Sturt





SECRETARY: Mr N A Raynsford





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Hampshire
SO50 9PD





REGISTERED NUMBER: 06014654 (England and Wales)






LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654)

BALANCE SHEET
30TH APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1,851,946 1,443,615
Tangible assets 6 129,545 103,336
Investments 7 1,267 1,267
1,982,758 1,548,218

CURRENT ASSETS
Stocks 5,884 6,911
Debtors 8 1,369,414 1,177,782
Cash at bank and in hand 1,932 70,278
1,377,230 1,254,971
CREDITORS
Amounts falling due within one year 9 1,096,339 722,737
NET CURRENT ASSETS 280,891 532,234
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,263,649

2,080,452

CREDITORS
Amounts falling due after more than one
year

10

(27,767

)

(80,505

)

PROVISIONS FOR LIABILITIES (29,131 ) (18,067 )
NET ASSETS 2,206,751 1,981,880

CAPITAL AND RESERVES
Called up share capital 12 302,618 294,082
Share premium 216,116 73,900
Capital redemption reserve 130,946 130,946
Merger reserve 341,555 341,555
Retained earnings 1,215,516 1,141,397
SHAREHOLDERS' FUNDS 2,206,751 1,981,880

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654)

BALANCE SHEET - continued
30TH APRIL 2023


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 Board of Directors and authorised for issue on 16th November 2023 and were signed on its behalf by:





Mr N A Raynsford - Director


LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023


1. STATUTORY INFORMATION

Langdowns DFK 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Langdowns DFK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Goodwill
The Companies Act 2006, and Financial Reporting Standard (FRS) 102 1A require goodwill to be written off over a finite period. FRS 102 1A goes on to say that this finite period should not be longer than 10 years unless a reliable estimate can be made it is longer than this. It also states that the depreciable amount over the period is the value of the asset, less it's residual value, spread over that period.

FRS 102 1A states that the residual value to use for this purpose should be zero unless there is an active market for the asset.

However, the Directors believe that following this policy would not give a true and fair view of the financial statements for the company, on the grounds that :

a) The goodwill of the business from the commencement of trading of the company clearly has a much longer life than merely 10 years;
b) A standard formulaic approach has been adopted under an annual impairment review basis by the Board to gain comfort this asset is at least as valuable as when initially introduced;
c) Whilst not perhaps strictly meeting the prescriptive definition of "residual value" under the FRS, it would be clearly inappropriate in the view of the Board to treat this as being zero.
d) Whilst also not meeting the prescriptive definition of "active market" under the FRS, the Board have experienced many examples in the open market place to believe the asset is valued at no less than the carrying value currently shown in the financial statements.

Therefore, the Directors do not feel it is appropriate to amortise the goodwill acquired by the Company on commencement of trade, being £1,411,355, and so have departed from this requirement under FRS 102 1A in order to give a true and fair view.

If the departure had not been made the profit and loss for the financial year would be unaffected as the goodwill in question would have been fully amortised had a rate of 10% per annum been applied.

All additional goodwill purchased subsequent to the commencement of trading of the company has been written off over it's estimated useful life in accordance with the accounting standards.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the remaining term of the lease
Fixtures and fittings - 25% straight line and 12.5% straight line
Computer equipment - 25% straight line

All fixed assets are initially recorded at cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses.

Work in progress is valued at charge rate less a provision for known irrecoverable time.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2022 1,944,865
Additions 422,500
At 30th April 2023 2,367,365
AMORTISATION
At 1st May 2022 501,250
Amortisation for year 14,169
At 30th April 2023 515,419
NET BOOK VALUE
At 30th April 2023 1,851,946
At 30th April 2022 1,443,615

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1st May 2022 282,492 65,569 147,993 496,054
Additions 26,997 6,623 23,974 57,594
Disposals (50,674 ) - (32,398 ) (83,072 )
At 30th April 2023 258,815 72,192 139,569 470,576
DEPRECIATION
At 1st May 2022 247,953 30,645 114,120 392,718
Charge for year 7,801 6,505 16,220 30,526
Eliminated on disposal (50,674 ) - (31,539 ) (82,213 )
At 30th April 2023 205,080 37,150 98,801 341,031
NET BOOK VALUE
At 30th April 2023 53,735 35,042 40,768 129,545
At 30th April 2022 34,539 34,924 33,873 103,336

7. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1st May 2022
and 30th April 2023 6 1,261 1,267
NET BOOK VALUE
At 30th April 2023 6 1,261 1,267
At 30th April 2022 6 1,261 1,267

LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 960,538 763,700
Amounts owed by group undertakings 1,073 282
Other debtors 407,803 413,800
1,369,414 1,177,782

Included in other debtors is £136,493 (2022: £112,205) in relation to prepayments and accrued income.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 137,553 50,782
Trade creditors 536,592 416,152
Taxation and social security 77,570 133,973
Other creditors 344,624 121,830
1,096,339 722,737

Included in the other creditors is £127,607 (2022: £99,408) in relation to accruals and deferred income.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 27,767 80,505

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 46,208 87,120

Included in bank loans is a bank loan with a fixed and floating charge over the assets of the company. The capital outstanding on this loan at the year end amounted to £46,208 (2022: £87,120). Also included in bank loans is an unsecured bounce back loan which has a government-backed guarantee against the outstanding facility balance. At the year end the capital outstanding on this loan amounted to £34,167 (2022: £44,167).

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
151,309 Ordinary "A" 1 151,309 147,041
151,309 Ordinary "B" 1 151,309 147,041
302,618 294,082

The following shares were issued during the year:

4,268 Ordinary "A" shares of £1 for cash of £135,677
4,268 Ordinary "B" shares of £1 for cash of £15,075

LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


13. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £118,391 (2022: £139,023).This amount is in relation to operating lease commitments which are payable over the next 1 to 3 years.

The company has provided a financial guarantee on a property loan owed to a financial institution by a company controlled by the directors of Langdowns DFK Limited. At the year end the debts guaranteed by this company amounted to £1,020,061 (2022: £1,087,910).

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.