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Registration number: 08224364

Langcourt Properties Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Langcourt Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Langcourt Properties Limited

Company Information

Directors

G Slater

Mrs R M Slater

Registered office

Unit G The Link Centre
Oldmixon Crescent
Weston-super-Mare
Somerset
BS24 9AY

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Langcourt Properties Limited

(Registration number: 08224364)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

943

1,110

Investment property

5

735,000

820,000

Other financial assets

6

300

300

 

736,243

821,410

Current assets

 

Debtors

7

47,505

26,941

Other financial assets

6

2,597

2,597

Cash at bank and in hand

 

158,176

183,589

 

208,278

213,127

Creditors: Amounts falling due within one year

8

(12,683)

(45,771)

Net current assets

 

195,595

167,356

Total assets less current liabilities

 

931,838

988,766

Provisions for liabilities

(179)

(211)

Net assets

 

931,659

988,555

Capital and reserves

 

Called up share capital

100

100

Non distributable reserves

(193,330)

(108,330)

Retained earnings

1,124,889

1,096,785

Shareholders' funds

 

931,659

988,555

For the financial year ending 30 November 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.

 

Langcourt Properties Limited

(Registration number: 08224364)
Balance Sheet as at 30 November 2023

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. 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 16 April 2024 and signed on its behalf by:
 

.........................................
G Slater
Director

 

Langcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

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.

The presentation currency of the financial statements is Pound Sterling (£).

Revenue recognition

Turnover represents rents receivable. Turnover is recognised when the company obtains the right to consideration.

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.

 

Langcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

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

Office equipment

15% reducing balance

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.

 

Langcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

1,749

1,749

At 30 November 2023

1,749

1,749

Depreciation

At 1 December 2022

639

639

Charge for the year

167

167

At 30 November 2023

806

806

Carrying amount

At 30 November 2023

943

943

At 30 November 2022

1,110

1,110

 

Langcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Investment properties

2023
£

At 1 December

820,000

Fair value adjustments

(85,000)

At 30 November

735,000

The investment properties were valued by an independent Chartered Surveyor and RICS Registered Valuer on 29th June 2023.

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at cost less impairment

300

300

7

Debtors

2023
£

2022
£

Prepayments

7,715

8,208

Other debtors

39,790

18,733

47,505

26,941

 

Langcourt Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

6,758

6,832

Accruals and deferred income

5,915

5,826

Other creditors

10

33,113

12,683

45,771