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Company registration number: 09600689
Languard Building Limited
Unaudited filleted financial statements
31 March 2024
Languard Building Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Languard Building Limited
Directors and other information
Directors Mr Adam Charles Gibbon
Mr James Robert Jacomb Gibbon
Mr Shaun Peter Moynagh
Mr James Wilson
Secretary Mr Adam Gibbon
Company number 09600689
Registered office 1 Old Studios
31b Bellevue Road
London
SW17 7EF
Business address 1 Old Studios
31b Bellevue Road
London
SW17 7EF
Accountants David Fishel Accountancy Services Limited
First Floor Winston House
349 Regents Park Road
London
N3 1DH
Bankers Nat West
Chancery Lane & High Holborn Branch
PO Box 159
332 High Holborn
London
WC1V 7PS
Solicitors Harold Benjamin
Hill House
67-71 Lowlands Road
Harrow
Middlesex
HA1 3EQ
Languard Building Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Languard Building Limited
Year ended 31 March 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 Languard Building Limited for the year ended 31 March 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 Languard Building 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 Languard Building Limited and state those matters that we have agreed to state to the board of directors of Languard Building 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 Languard Building Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Languard Building 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 Languard Building Limited. You consider that Languard Building 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 Languard Building 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.
David Fishel Accountancy Services Limited
Chartered Accountants
First Floor Winston House
349 Regents Park Road
London
N3 1DH
Date: 9 September 2024
Languard Building Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Current assets
Stocks 168,506 223,370
Debtors 6 8,076 22,572
Cash at bank and in hand 24,150 13,182
_______ _______
200,732 259,124
Creditors: amounts falling due
within one year 7 ( 187,187) ( 196,107)
_______ _______
Net current assets 13,545 63,017
_______ _______
Total assets less current liabilities 13,545 63,017
Creditors: amounts falling due
after more than one year 8 ( 12,408) ( 21,667)
_______ _______
Net assets 1,137 41,350
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,037 41,250
_______ _______
Shareholders funds 1,137 41,350
_______ _______
For the year ending 31 March 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 09 September 2024 , and are signed on behalf of the board by:
Mr Adam Charles Gibbon
Director
Company registration number: 09600689
Languard Building Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1 Old Studios, 31b Bellevue Road, London, SW17 7EF.
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.
Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
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:
Motor vans - 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.
The vans have now been fully depreciated. No further depreciation is required.
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.
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 unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.
Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is no intention to settle on a net basis or to realise the asset or settle the liability immediately.
Pension costs
The pension costs charged in the accounts represents personal pension contributions made on behalf of the company's employees together with the company's obligations under Workplace Pension Reform.
Work in progress
Work in progress have been valued at the lower of cost and estimated selling price less costs to sell. Cost includes a relevant proportion of overheads according to the stage of the development.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 15 ).
5. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 April 2023 and 31 March 2024 47,291 47,291
_______ _______
Depreciation
At 1 April 2023 and 31 March 2024 47,291 47,291
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,000 -
Other debtors 7,076 22,572
_______ _______
8,076 22,572
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 13,426 -
Corporation tax 16,815 23,483
Social security and other taxes 24,647 39,103
Other creditors 122,299 123,521
_______ _______
187,187 196,107
_______ _______
The bank loan is a loan under the "Bounce Back Loan Scheme". The loan is for a period of six years with no interest or repayments due in the first year, Interest charged on the loan for the rest of the period is at the rate of 2.5%. Capital repayments within the next twelve months total £10,000.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,408 21,667
_______ _______
The bank loan is a loan under the "Bounce Back Loan Scheme". The loan is for a period of six years with no interest or repayments due in the first year, Interest charged on the loan for the rest of the period is at the rate of 2.5%. Capital repayments due after more than one year total £12,408.
This refers to the repayments under the "Bounce Back Loan Scheme" repayable more than five years after balance sheet date.
9. Related party transactions
The company's building contracts are either with Languard Development Limited, a company under common control, or with a party related to one of three of the company's directors. Mr A C Gibbon, Mr J R J Gibbon and Mr S P Moynagh.The company has received a loan from Languard Development Limited, a company controlled by the same directors. The balance of this loan at balance sheet date was £97,333. The loan is interest free with no stipulation as to repayment.During the year dividends totalling £96,000 (2023 £169,333) were paid to the company's directors.
10. Controlling party
The company is under the control of its directors who own 100% of the issued equity share capital.No one person has a controlling interest.