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Company registration number: 00232334
Langton & Sons Limited
Unaudited filleted financial statements
31 December 2022
Langton & Sons Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Langton & Sons Limited
Directors and other information
Directors Mrs. J. P. Mitchell
Mr. D. Langton (Resigned 4 September 2022)
Mr. G. Mitchell
Mr D G Mitchell (Appointed 23 December 2023)
Company number 00232334
Registered office 443 London Road
Sheffield
South Yorkshire
S2 4HJ
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Bankers Santander
Bridle Road
Bootle
Merseyside
L30 4GB
Langton & Sons Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Langton & Sons Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Langton & Sons Limited for the year ended 31 December 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Langton & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 17 December 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Langton & Sons Limited and state those matters that we have agreed to state to the board of directors of Langton & Sons Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Langton & Sons Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Langton & Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Langton & Sons Limited. You consider that Langton & Sons 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 financial statements of Langton & Sons 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 financial statements.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
9 February 2024
Langton & Sons Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 2,659 3,245
Investments 6 310,000 310,000
_______ _______
312,659 313,245
Current assets
Cash at bank and in hand 26,725 36,094
_______ _______
26,725 36,094
Creditors: amounts falling due
within one year 7 ( 8,458) ( 8,021)
_______ _______
Net current assets 18,267 28,073
_______ _______
Total assets less current liabilities 330,926 341,318
_______ _______
Net assets 330,926 341,318
_______ _______
Capital and reserves
Called up share capital 47,824 47,824
Share premium account 2,974 2,974
Revaluation reserve 229,011 229,011
Profit and loss account 51,117 61,509
_______ _______
Shareholders funds 330,926 341,318
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 February 2024 , and are signed on behalf of the board by:
Mrs. J. P. Mitchell
Director
Company registration number: 00232334
Langton & Sons Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 443 London Road, Sheffield, South Yorkshire, S2 4HJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Rents and commissions are measured at the fair value of the consideration received for the operational services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at fair values. Any gain is transferred to reserves as non-distributable.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2022 and 31 December 2022 61,470 61,470
_______ _______
Depreciation
At 1 January 2022 58,225 58,225
Charge for the year 586 586
_______ _______
At 31 December 2022 58,811 58,811
_______ _______
Carrying amount
At 31 December 2022 2,659 2,659
_______ _______
At 31 December 2021 3,245 3,245
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2022 and 31 December 2022 310,000 310,000
_______ _______
Impairment
At 1 January 2022 and 31 December 2022 - -
_______ _______
Carrying amount
At 31 December 2022 310,000 310,000
_______ _______
At 31 December 2021 310,000 310,000
_______ _______
The investments refer to the properties from which the antiques centre trades from together with the snooker centre.They were last revauled in 2008.
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 3,006 2,814
Other creditors 5,452 5,207
_______ _______
8,458 8,021
_______ _______
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2022 2021
£ £
Director - Mr. G. Mitchell 12,463 9,170
_______ _______
These are payments made to a director, for services undertaken outside the payroll.