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REGISTRAR OF COMPANIES

Registration number: SC562055

Langholm Sporting Limited

(A company limited by guarantee)

Unaudited Financial Statements

28 February 2023

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Langholm Sporting Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Langholm Sporting Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Langholm Sporting Limited for the year ended 28 February 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Langholm Sporting Limited, as a body, in accordance with the terms of our engagement letter dated 21 September 2023. Our work has been undertaken solely to prepare for your approval the accounts of Langholm Sporting Limited and state those matters that we have agreed to state to the Board of Directors of Langholm Sporting Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Langholm Sporting Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Langholm Sporting Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Langholm Sporting Limited. You consider that Langholm Sporting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Langholm Sporting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

23 October 2023

 

Langholm Sporting Limited

(Registration number: SC562055)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

220,073

188,335

Current assets

 

Stocks

26,000

14,500

Debtors

5

94,519

12,988

Cash at bank and in hand

 

27,910

80,196

 

148,429

107,684

Creditors: Amounts falling due within one year

6

(181,521)

(78,445)

Net current (liabilities)/assets

 

(33,092)

29,239

Total assets less current liabilities

 

186,981

217,574

Creditors: Amounts falling due after more than one year

6

(92,086)

(105,600)

Net assets

 

94,895

111,974

Capital and reserves

 

Profit and loss account

94,895

111,974

Total equity

 

94,895

111,974

 

Langholm Sporting Limited

(Registration number: SC562055)
Balance Sheet as at 28 February 2023 (continued)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023
 

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

A Denton

Director

 

Langholm Sporting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a company limited by guarantee, incorporated in Scotland, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Holmhead
Langholm
DUMFRIESSHIRE
DG13 0ND

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 28 February 2023 and meets its day to day working capital requirements through its bank loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

Langholm Sporting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

 

Langholm Sporting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as hire purchase agreements whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under hire purchase agreements are recognised at their fair value at inception of the agreement. These assets are depreciated on a reducing balance basis over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a hire purchase agreement obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 6).

 

Langholm Sporting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

4

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

306,448

175,581

482,029

Additions

99,680

-

99,680

Disposals

(17,340)

-

(17,340)

At 28 February 2023

388,788

175,581

564,369

Depreciation

At 1 March 2022

176,774

116,920

293,694

Charge for the year

47,942

14,666

62,608

Eliminated on disposal

(12,006)

-

(12,006)

At 28 February 2023

212,710

131,586

344,296

Carrying amount

At 28 February 2023

176,078

43,995

220,073

At 28 February 2022

129,674

58,661

188,335

5

Debtors

2023
£

2022
£

Trade debtors

92,063

10,886

Other debtors

2,456

2,102

94,519

12,988

 

Langholm Sporting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

37,043

26,223

Trade creditors

 

31,565

11,937

Taxation and social security

 

4,087

3,895

Other creditors

 

108,826

36,390

 

181,521

78,445

Due after one year

 

Loans and borrowings

7

54,086

60,600

Other creditors

 

38,000

45,000

 

92,086

105,600

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase agreements

27,043

16,223

37,043

26,223

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Hire purchase agreements

27,043

16,223

Hire purchase agreements are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,503

32,503

Hire purchase agreements

31,583

28,097

54,086

60,600

 

Langholm Sporting Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Hire purchase agreements

31,583

28,097

Hire purchase agreements are secured on the assets to which they relate.