Registered number
12293529
Lang Technik UK Ltd
Unaudited Filleted Accounts
31 October 2023
Lang Technik UK Ltd
Registered number: 12293529
Balance Sheet
as at 31 October 2023
Notes 2023 2022 restated
£ £
Fixed assets
Tangible assets 4 2,477 1,930
Current assets
Stocks 307,289 447,529
Debtors 5 681,141 336,405
Cash at bank and in hand 1,312,505 682,947
2,300,935 1,466,881
Creditors: amounts falling due within one year 6 (1,026,882) (671,269)
Net current assets 1,274,053 795,612
Total assets less current liabilities 1,276,530 797,542
Provisions for liabilities (619) (482)
Net assets 1,275,911 797,060
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,275,811 796,960
Shareholders' funds 1,275,911 797,060
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A Saroka
Director
Approved by the board on 6 February 2024
Lang Technik UK Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 2 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Prior year adjustment
The accounts comparative figures have been restated to recognise corporation tax and deferred tax which had erronously been previously omitted from the accounts. The change has resulted in profits available for distribution as at 31st October 2022 decreasing by £99,402.
Summary of the prior year accounting impact £
Increase in Creditors: amounts falling due within one year - Taxation and social security costs 98,920
Increase in Provisions for liabilities 482
Increase in Tax charge on profit 99,402
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 6
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 6,595
Additions 1,798
At 31 October 2023 8,393
Depreciation
At 1 November 2022 4,665
Charge for the year 1,251
At 31 October 2023 5,916
Net book value
At 31 October 2023 2,477
At 31 October 2022 1,930
5 Debtors 2023 2022
£ £
Trade debtors 654,205 326,405
Other debtors 26,936 10,000
681,141 336,405
Amounts due after more than one year included in other debtors above 10,532 -
6 Creditors: amounts falling due within one year 2023 2022 restated
£ £
Trade creditors 478,722 428,779
Taxation and social security costs 430,678 205,081
Other creditors 117,482 37,409
1,026,882 671,269
Included in other creditors above are accruals totalling £116,859 (2022: £37,408).
7 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 28,000 -
The company is committed to purchase capital equipment totalling £28,000 at the year end. In addition, the company has committed to provide financing of £384,000 for the benefit of a company under the mutual control of Mr I G Barnett and Mrs A Saroka.
8 Share Capital 2023 2022
£ £
Allotted, called up share capital which has been paid up
100 ordinary share of £1.00 each 100 100
100 100
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 131,645 -
10 Other information
Lang Technik UK Ltd is a private company limited by shares and incorporated in England. The company registration number is 12293529 and its registered office is:
124 City Road
London
EC1V 2NX
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