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Registration number: 07969565

Langstrump Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Langstrump Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Langstrump Limited

Company Information

Director

B F Facchetti

Registered office

C/o Sterlings Ltd Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA

 

Langstrump Limited

(Registration number: 07969565)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

18,445

11,645

Cash at bank and in hand

 

29,750

280

 

48,195

11,925

Creditors: Amounts falling due within one year

5

(212,556)

(168,646)

Total assets less current liabilities

 

(164,361)

(156,721)

Creditors: Amounts falling due after more than one year

5

(15,073)

(16,892)

Net liabilities

 

(179,434)

(173,613)

Capital and reserves

 

Called up share capital

6

1

1

Profit and loss account

(179,435)

(173,614)

Shareholders' deficit

 

(179,434)

(173,613)

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.

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 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 April 2024
 

.........................................
B F Facchetti
Director

 

Langstrump Limited

Notes to the Unaudited 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:
C/o Sterlings Ltd Lawford House
Albert Place
London
N3 1QA
England

These financial statements were authorised for issue by the director on 28 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).

The financial statements for the year ended 31 December 2020 have been prepared under Finnacial Reporting Standard 105. There were no transitional adjustments made during the year.

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.

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

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.

 

Langstrump Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

 

Langstrump Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

3

Staff numbers

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

4

Debtors

2023
£

2022
£

Other debtors

18,445

11,645

18,445

11,645

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

2,648

2,831

Trade creditors

 

62,989

-

Taxation and social security

 

110

3,810

Accruals and deferred income

 

2,000

3,800

Other creditors

 

144,809

158,205

 

212,556

168,646

 

Langstrump Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

15,073

16,892

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,073

16,892

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,648

2,667

Bank overdrafts

-

164

2,648

2,831

Bank borrowings

Bounce back loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 12 April 2027. The carrying amount at year end is £13,162 (2022 - £16,892).

 

Langstrump Limited

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

8

Related party transactions

Director's remuneration

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

2023
£

2022
£

Remuneration

54,574

-

Summary of transactions with other related parties

Other creditors include an amount of £52,937 (2022: £66,332) owed to a company under common control.

Included in other creditors is an amount of £92,306 (2022 :£91,873) owed by the company to the director. The loans are provided interest free and are unsecured. There are no formal terms and conditions regarding the repayment of the loans.