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Company registration number: 00242781
(England and Wales)
THE LANGHAM FRUIT FARMS LIMITED
Unaudited filleted financial statements
for the year ended
31 May 2024
THE LANGHAM FRUIT FARMS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
THE LANGHAM FRUIT FARMS LIMITED
Directors and other information
Directors J H Pissarro
S J Abercrombie
B A Leslie
Secretary J H Pissarro
Company number 00242781
Registered office 4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
Business address Maltings Farm
Langham
Colchester
Essex
CO4 5NW
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
THE LANGHAM FRUIT FARMS LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of THE LANGHAM FRUIT FARMS LIMITED
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of THE LANGHAM FRUIT FARMS LIMITED for the year ended 31 May 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of THE LANGHAM FRUIT FARMS LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of THE LANGHAM FRUIT FARMS LIMITED and state those matters that we have agreed to state to the board of directors of THE LANGHAM FRUIT FARMS LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than THE LANGHAM FRUIT FARMS LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that THE LANGHAM FRUIT FARMS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of THE LANGHAM FRUIT FARMS LIMITED. You consider that THE LANGHAM FRUIT FARMS LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of THE LANGHAM FRUIT FARMS LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
30 August 2024
THE LANGHAM FRUIT FARMS LIMITED
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 775,981 605,481
_______ _______
775,981 605,481
Current assets
Debtors 6 300 300
Cash at bank and in hand 45,617 37,919
_______ _______
45,917 38,219
Creditors: amounts falling due
within one year 7 ( 13,934) ( 9,234)
_______ _______
Net current assets 31,983 28,985
_______ _______
Total assets less current liabilities 807,964 634,466
Provisions for liabilities ( 87,222) ( 44,597)
_______ _______
Net assets 720,742 589,869
_______ _______
Capital and reserves
Called up share capital 7,000 7,000
Revaluation reserve 679,588 562,417
Profit and loss account 34,154 20,452
_______ _______
Shareholders funds 720,742 589,869
_______ _______
For the year ending 31 May 2024 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
J H Pissarro
Director
Company registration number: 00242781
THE LANGHAM FRUIT FARMS LIMITED
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Langham Fruit Farms Limited, 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.
The principal activity of the company continues to be that of management of own property.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold land and buildings - Nil %
Plant and machinery - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3. (2023: 3).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 June 2023 605,481 605,481
Revaluation 170,500 170,500
_______ _______
At 31 May 2024 775,981 775,981
_______ _______
Depreciation
At 1 June 2023 and 31 May 2024 - -
_______ _______
Carrying amount
At 31 May 2024 775,981 775,981
_______ _______
At 31 May 2023 605,481 605,481
_______ _______
Investment property
The investment property has been valued by the directors, by reference to current open market land values at the year end.
6. Debtors
2024 2023
£ £
Other debtors 300 300
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 2,020 448
Social security and other taxes 608 560
Other creditors 11,306 8,226
_______ _______
13,934 9,234
_______ _______
8. Prior period errors
There has been a prior year adjustment in relation to the deferred tax on the revaluation of land. The adjustment is to reclassify the tax effect between the revaluation reserve and the profit and loss reserve.
9. Controlling party
The company is under no overall control.