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COMPANY REGISTRATION NUMBER: 07269331
LANGFIELD INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
LANGFIELD INVESTMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
LANGFIELD INVESTMENTS LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
2,184,378
1,860,038
Current assets
Debtors
5
3,341
3,447
Investments
6
1,461
1,461
Cash at bank and in hand
41,461
446,796
------------
------------
46,263
451,704
Creditors: amounts falling due within one year
7
( 1,442,918)
( 1,586,531)
------------
------------
Net current liabilities
( 1,396,655)
( 1,134,827)
------------
------------
Total assets less current liabilities
787,723
725,211
Provisions
( 8,557)
( 4,592)
------------
------------
Net assets
779,166
720,619
------------
------------
Capital and reserves
Called up share capital
9
5
5
Profit and loss account
779,161
720,614
------------
------------
Shareholders funds
779,166
720,619
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 December 2023 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 were approved by the board of directors and authorised for issue on 11 April 2024 , and are signed on behalf of the board by:
D G Langfield
Director
Company registration number: 07269331
LANGFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 07269331 . The address of the registered office is 23 Dorchester Road, Huddersfield, West Yorkshire, HD2 2JZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents rents receivable in the period net of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Investment properties FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" requires properties held for investment to be included in the Balance Sheet at their fair value when it can be measured reliably without undue cost or effort. The director considers that to comply with this requirement annually would involve unjustifiable expense and therefore the investment properties are included at depreciated cost. The Director believes that the residual value of the properties is at least equivalent to their cost and therefore the depreciation rate, subject to consideration of impairment, is zero.
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:
Equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
In the year of acquisition tangible fixed assets are depreciated from 1 January.
Investments
Investments are stated at market value.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Freehold investment properties
Equipment
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
1,853,047
350
16,489
1,252
1,871,138
Additions
321,148
1,443
12,100
334,691
Disposals
( 16,489)
( 16,489)
------------
------------
------------
------------
------------
At 31 December 2023
2,174,195
1,793
12,100
1,252
2,189,340
------------
------------
------------
------------
------------
Depreciation
At 1 January 2023
315
9,533
1,252
11,100
Charge for the year
370
3,025
3,395
Disposals
( 9,533)
( 9,533)
------------
------------
------------
------------
------------
At 31 December 2023
685
3,025
1,252
4,962
------------
------------
------------
------------
------------
Carrying amount
At 31 December 2023
2,174,195
1,108
9,075
2,184,378
------------
------------
------------
------------
------------
At 31 December 2022
1,853,047
35
6,956
1,860,038
------------
------------
------------
------------
------------
5. Debtors
2023
2022
£
£
Trade debtors
350
Prepayments and accrued income
3,341
3,097
------------
------------
3,341
3,447
------------
------------
6. Investments
2023
2022
£
£
Listed investments
1,456
1,456
Cash held for investments
5
5
------------
------------
1,461
1,461
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
217
53
Accruals and deferred income
5,772
7,020
Corporation tax
31,386
26,428
Social security and other taxes
3,155
3,642
Other creditor
1,262,000
1,262,000
Director's loan account
140,388
287,388
------------
------------
1,442,918
1,586,531
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
8,557
4,592
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
10,803
9,330
Other revaluations
( 2,246)
( 4,738)
------------
------------
8,557
4,592
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 5 each
1
5
1
5
------------
------------
------------
------------
10. Related party transactions
Transactions with the director The director's loan account of £140,388 (2022: £287,388) detailed in creditors above is unsecured, repayable on demand and currently interest free.
11. Controlling party
The company is controlled by the director.