Langley Business Systems (Retail) Limited 03090463 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the provision and sale of technical equipment for retailers. Digita Accounts Production Advanced 6.30.9574.0 true true 03090463 2023-01-01 2023-12-31 03090463 2023-12-31 03090463 bus:Director1 1 2023-12-31 03090463 bus:Director2 1 2023-12-31 03090463 bus:OrdinaryShareClass1 2023-12-31 03090463 core:CurrentFinancialInstruments 2023-12-31 03090463 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03090463 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03090463 core:FurnitureFittings 2023-12-31 03090463 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 03090463 core:MotorVehicles 2023-12-31 03090463 core:PlantMachinery 2023-12-31 03090463 bus:SmallEntities 2023-01-01 2023-12-31 03090463 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03090463 bus:FilletedAccounts 2023-01-01 2023-12-31 03090463 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03090463 bus:RegisteredOffice 2023-01-01 2023-12-31 03090463 bus:Director1 2023-01-01 2023-12-31 03090463 bus:Director1 1 2023-01-01 2023-12-31 03090463 bus:Director2 2023-01-01 2023-12-31 03090463 bus:Director2 1 2023-01-01 2023-12-31 03090463 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03090463 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03090463 core:Buildings 2023-01-01 2023-12-31 03090463 core:FurnitureFittings 2023-01-01 2023-12-31 03090463 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 03090463 core:MotorVehicles 2023-01-01 2023-12-31 03090463 core:PlantMachinery 2023-01-01 2023-12-31 03090463 countries:EnglandWales 2023-01-01 2023-12-31 03090463 2022-12-31 03090463 bus:Director1 1 2022-12-31 03090463 bus:Director2 1 2022-12-31 03090463 core:FurnitureFittings 2022-12-31 03090463 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 03090463 core:MotorVehicles 2022-12-31 03090463 core:PlantMachinery 2022-12-31 03090463 2022-01-01 2022-12-31 03090463 2022-12-31 03090463 bus:OrdinaryShareClass1 2022-12-31 03090463 core:CurrentFinancialInstruments 2022-12-31 03090463 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03090463 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 03090463 core:FurnitureFittings 2022-12-31 03090463 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 03090463 core:MotorVehicles 2022-12-31 03090463 core:PlantMachinery 2022-12-31 03090463 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03090463

Langley Business Systems (Retail) Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

Langley Business Systems (Retail) Limited

Contents

Company Information

1

Directors' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 11

 

Langley Business Systems (Retail) Limited

Company Information

Directors

R Cox

J Cox

Registered office

Langley House
Brandon Way
West Bromwich
B70 8JN

 

Langley Business Systems (Retail) Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the abridged financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

R Cox

J Cox

Principal activity

The principal activity of the company is the provision and sale of technical equipment for retailers.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
R Cox
Director

 

Langley Business Systems (Retail) Limited

(Registration number: 03090463)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

346,732

356,338

Current assets

 

Stocks

5

64,685

71,358

Debtors

6

150,087

136,124

Cash at bank and in hand

 

254,353

220,158

 

469,125

427,640

Prepayments and accrued income

 

3,415

4,288

Creditors: Amounts falling due within one year

(171,664)

(158,328)

Net current assets

 

300,876

273,600

Total assets less current liabilities

 

647,608

629,938

Creditors: Amounts falling due after more than one year

(53,655)

(63,790)

Net assets

 

593,953

566,148

Capital and reserves

 

Called up share capital

7

714

714

Revaluation reserve

46,954

46,954

Retained earnings

546,285

518,480

Shareholders' funds

 

593,953

566,148

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

 

Langley Business Systems (Retail) Limited

(Registration number: 03090463)
Abridged Balance Sheet as at 31 December 2023

.........................................
R Cox
Director

 

Langley Business Systems (Retail) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Langley House
Brandon Way
West Bromwich
B70 8JN

These financial statements were authorised for issue by the Board on 7 August 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Langley Business Systems (Retail) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

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

Land and buildings

50 years

Plant and Machinery

6 years

Fixtures and Fittings

7 years

Motor Vehicles

4 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

Langley Business Systems (Retail) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 directors) during the year, was 14 (2022 - 15).

 

Langley Business Systems (Retail) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

198,030

81,328

275,601

19,799

Additions

-

9,744

44,659

-

Disposals

-

-

(30,121)

-

At 31 December 2023

198,030

91,072

290,139

19,799

Depreciation

At 1 January 2023

35,311

51,585

111,725

19,799

Charge for the year

3,929

6,590

37,083

-

Eliminated on disposal

-

-

(13,714)

-

At 31 December 2023

39,240

58,175

135,094

19,799

Carrying amount

At 31 December 2023

158,790

32,897

155,045

-

At 31 December 2022

162,719

29,743

163,876

-

Total
£

Cost or valuation

At 1 January 2023

574,758

Additions

54,403

Disposals

(30,121)

At 31 December 2023

599,040

Depreciation

At 1 January 2023

218,420

Charge for the year

47,602

Eliminated on disposal

(13,714)

At 31 December 2023

252,308

Carrying amount

At 31 December 2023

346,732

At 31 December 2022

356,338

 

Langley Business Systems (Retail) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Included within the net book value of land and buildings above is £158,790 (2022 - £162,720) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

64,685

71,358

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

714

714

714

714

       

8

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £103.36 per each Ordinary

73,800

73,800

 

 

9

Related party transactions

 

Langley Business Systems (Retail) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

R Cox

Transactions with director

813

11,226

(6,017)

6,022

J Cox

Transactions with director

813

11,226

(6,017)

6,022

 

Langley Business Systems (Retail) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,140

25,140