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Registration number: 02588751

Langford Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Langford Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Langford Properties Limited

Company Information

Director

Mrs Fiona Dawn Willcox

Company secretary

Angela Louise Cottle

Registered office

14 Streamside
Taunton
Somerset
TA1 2LY

Accountants

BJP Finance Ltd
Chartered Accountants
34 Market Street
Bradford-On-Avon
Wiltshire
BA15 1LL

 

Langford Properties Limited

(Registration number: 02588751)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

231

32

Investment property

5

1,692,000

1,154,368

 

1,692,231

1,154,400

Current assets

 

Debtors

6

89,297

88,860

Cash at bank and in hand

 

44,550

36,704

 

133,847

125,564

Creditors: Amounts falling due within one year

7

(104,296)

(100,157)

Net current assets

 

29,551

25,407

Total assets less current liabilities

 

1,721,782

1,179,807

Provisions for liabilities

(102,195)

(7)

Net assets

 

1,619,587

1,179,800

Capital and reserves

 

Called up share capital

8

1,000

1,000

Revaluation reserve

1,308,206

872,725

Retained earnings

310,381

306,075

Shareholders' funds

 

1,619,587

1,179,800

For the financial year ending 31 July 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 her 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 19 April 2024
 

 

Langford Properties Limited

(Registration number: 02588751)
Balance Sheet as at 31 July 2023

.........................................
Mrs Fiona Dawn Willcox
Director

 

Langford Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
14 Streamside
Taunton
Somerset
TA1 2LY

These financial statements were authorised for issue by the director on 19 April 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/value added tax, 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Langford Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Computer Equipment

33.33% straight line

Plant & Machinery

33.33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 merchandise sold 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Langford Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Langford Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

2,111

1,137

3,248

Additions

100

202

302

At 31 July 2023

2,211

1,339

3,550

Depreciation

At 1 August 2022

2,096

1,120

3,216

Charge for the year

43

60

103

At 31 July 2023

2,139

1,180

3,319

Carrying amount

At 31 July 2023

72

159

231

At 31 July 2022

15

17

32

5

Investment properties

2023
£

At 1 August

1,154,368

Fair value adjustments

537,632

At 31 July

1,692,000

The fair value of the properties is based on an open market valuation report produced by a FRICS Chartered Surveyor. The date of inspection of the properties was 2 June 2023. The fair value adjustments are reported in the Profit and Loss Account in the period and then transferred to a non-distributable revaluation reserve net of the impact of deferred taxation.

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,455

1,457

Prepayments

2,842

2,403

Other debtors

85,000

85,000

 

89,297

88,860

 

Langford Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

81,876

72,241

Trade creditors

 

29

2,848

Taxation and social security

 

9,299

12,663

Accruals and deferred income

 

2,496

2,320

Other creditors

 

10,596

10,085

 

104,296

100,157

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary Shares of £1 each

500

500

500

500

B Ordinary Shares of £1 each

500

500

500

500

 

1,000

1,000

1,000

1,000

 

Langford Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

81,876

72,241

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £700.00 (2022 - £70.00) per ordinary share

 

35,000

 

35,000

         

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,953

12,144

 

Langford Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Summary of transactions with entities with joint control or significant interest

Mariners Court Management Company
 

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Receipt of services

1,634

2022

Entities with joint control or significant influence
£

Receipt of services

2,056

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Rendering of services

3,600

2022

Entities with joint control or significant influence
£

Rendering of services

3,240

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

12

12

Advanced

1,634

1,634

Repaid

(1,622)

(1,622)

At end of period

24

24

 

Langford Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2022

Entities with joint control or significant influence
£

Total
£

At start of period

100

100

Advanced

2,056

2,056

Repaid

(2,144)

(2,144)

At end of period

12

12

Terms of loans to related parties

All loans relate to the supply of goods and services in the course of normal trading activity and were undertaken on an arm's length basis.