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Langston Engineering Limited
Unaudited Financial Statements
For The Year Ended 31 July 2023
D & K Accountancy Services
Solar House
915 High Road
London
N12 8QJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04389890
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 73,564 47,031
Tangible Assets 5 15,538 20,717
89,102 67,748
CURRENT ASSETS
Stocks 6 107,847 77,528
Debtors 7 172,505 170,544
Cash at bank and in hand (46,490 ) (57,678 )
233,862 190,394
Creditors: Amounts Falling Due Within One Year 8 (295,159 ) (235,035 )
NET CURRENT ASSETS (LIABILITIES) (61,297 ) (44,641 )
TOTAL ASSETS LESS CURRENT LIABILITIES 27,805 23,107
NET ASSETS 27,805 23,107
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 27,705 23,007
SHAREHOLDERS' FUNDS 27,805 23,107
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr N Paterson
Director
28/06/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Langston Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04389890 . The registered office is 85 Great Portland Street, First Floor, London, W1W 7LT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 8)
11 8
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 August 2022 47,031
Additions 26,533
As at 31 July 2023 73,564
Net Book Value
As at 31 July 2023 73,564
As at 1 August 2022 47,031
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 August 2022 49,469 55,831 105,300
As at 31 July 2023 49,469 55,831 105,300
Depreciation
As at 1 August 2022 44,113 40,470 84,583
Provided during the period 1,339 3,840 5,179
As at 31 July 2023 45,452 44,310 89,762
Net Book Value
As at 31 July 2023 4,017 11,521 15,538
As at 1 August 2022 5,356 15,361 20,717
6. Stocks
2023 2022
£ £
Work in progress 107,847 77,528
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 109,775 107,805
Other debtors 62,730 62,739
172,505 170,544
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 68,149 36,785
Bank loans and overdrafts 54,999 62,440
Other creditors 95,154 93,770
Taxation and social security 76,857 42,040
295,159 235,035
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2022 Amounts advanced Amounts repaid Amounts written off As at 31 July 2023
£ £ £ £ £
Mr N Paterson 9 - 9 - -
The above loan is unsecured, interest free and repayable on demand.
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