Company Registration Number 01593319 (England and Wales)
LANGUARD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LANGUARD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LANGUARD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
576,434
638,704
Investment properties
4
385,000
350,000
961,434
988,704
Current assets
Stocks
134,260
194,781
Debtors
5
803,200
772,658
Cash at bank and in hand
49,484
71,056
986,944
1,038,495
Creditors: amounts falling due within one year
6
(698,708)
(591,877)
Net current assets
288,236
446,618
Total assets less current liabilities
1,249,670
1,435,322
Creditors: amounts falling due after more than one year
7
(253,178)
(325,374)
Provisions for liabilities
(99,426)
(81,574)
Net assets
897,066
1,028,374
Capital and reserves
Called up share capital
10
51,000
51,000
Share premium account
11
48,000
48,000
Revaluation reserve
12
85,000
50,000
Capital redemption reserve
13
51
51
Profit and loss reserves
15
713,015
879,323
Total equity
897,066
1,028,374
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LANGUARD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr WS Kay
Director
Company Registration No. 01593319
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Languard Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pack's Hill Farm, Station Road, Husbands Bosworth, Lutterworth, Leicestershire, UK, LE17 6JN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold
10% on cost
Plant and machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
37
40
3
Tangible fixed assets
Short leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
5,000
788,435
1,405,735
2,199,170
Additions
10,500
116,570
127,070
Disposals
(92,158)
(158,284)
(250,442)
At 31 December 2023
5,000
706,777
1,364,021
2,075,798
Depreciation and impairment
At 1 January 2023
5,000
644,412
911,054
1,560,466
Depreciation charged in the year
36,443
135,842
172,285
Eliminated in respect of disposals
(91,294)
(142,093)
(233,387)
At 31 December 2023
5,000
589,561
904,803
1,499,364
Carrying amount
At 31 December 2023
117,216
459,218
576,434
At 31 December 2022
144,023
494,681
638,704
4
Investment property
2023
£
Fair value
At 1 January 2023
350,000
Revaluations
35,000
At 31 December 2023
385,000
Investment property comprises one freehold property let under an assured shorthold tenancy.
The directors estimate that there has been material change in the value of the property during the year, based on their knowledge of the housing market and after taking informal independent advice from a qualified valuer.
Fair value at 31 December 2023 is represented by:
Valuation in 2016
20,000
Valuation in 2019
30,000
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 6 -
Valuation in 2023
35,000
Cost
300,000
385,000
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
300,000
300,000
Accumulated depreciation
-
-
Carrying amount
300,000
300,000
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
390,364
398,563
Corporation tax recoverable
2,481
2,481
Directors' current accounts
225,821
197,060
Other debtors
34,461
81,779
Prepayments
26,833
36,942
679,960
716,825
2023
2022
Amounts falling due after more than one year:
£
£
S.455 tax repayable
65,584
55,833
Deferred tax asset
57,656
123,240
55,833
Total debtors
803,200
772,658
Where advances have been made on specific trade debtors, these have been assigned to a debt factor.
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
17,632
16,326
Trade creditors
74,593
57,608
Hire purchase contracts
162,167
173,295
Corporation tax
9,751
5,299
Social security and other taxes
201,143
157,005
Other creditors
107,230
48,754
Accruals and deferred income
126,192
133,590
698,708
591,877
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans 1-2 years
17,169
16,745
Bank loans - 2-5 years
20,851
38,020
Hire purchase contracts
215,158
270,609
253,178
325,374
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
55,652
71,091
Hire purchase contracts
377,325
443,904
Cash advanced on factored debt
69,492
-
502,469
514,995
Cash advanced on factored debt is secured by way of a debenture over the assets of the Company.
Bank loans and overdrafts are secured by fixed and floating charges over the assets of the Company.
9
Bounce Back Loan
The Bank Loan is a Bounce Back Loan for a period of six years at interest rate of 2.5% per annum which is fixed for the duration of the loan. During the first twelve months no repayment of capital is required and the UK Government will pay the interest due. Capital repayments have commenced in equal instalments from April 2022 and no amount is payable more than five years from the balance sheet date.
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
51,000
51,000
51,000
51,000
11
Share premium account
2023
2022
£
£
At the beginning and end of the year
48,000
48,000
12
Revaluation reserve
2023
2022
£
£
At the beginning of the year
50,000
50,000
Revaluation surplus arising in the year
35,000
At the end of the year
85,000
50,000
13
Capital redemption reserve
2023
2022
£
£
At the beginning and end of the year
51
51
14
Other financial commitments
The Company rents various premises in different locations throughout England, two of these properties are occupied under formal lease agreements. The remaining rented properties are occupied under informal extensions of previous leases and do not confer any contractual obligations upon the Company.
In addition the Company also rents equipment under an operating lease.
At the balance sheets date the Company had annual commitments of £743 (2022: £2,972) and total future commitments of £nil (2022: £743) under the terms of the leases.
15
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
879,323
890,086
Loss for the year
(130,196)
(8,278)
Dividends declared and paid in the year
(1,112)
(2,485)
Transfer from revaluation reserve
(35,000)
At the end of the year
713,015
879,323
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
16
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year the company paid rent of £24,000 to Languard Directors' Pension Fund (2022: £24,000)
2023-12-312023-01-01false13 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr W S KayMr A W MarlowMr A MasonMrs BE Hallfalsefalse015933192023-01-012023-12-31015933192023-12-31015933192022-12-3101593319core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3101593319core:PlantMachinery2023-12-3101593319core:MotorVehicles2023-12-3101593319core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3101593319core:PlantMachinery2022-12-3101593319core:MotorVehicles2022-12-3101593319core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101593319core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101593319core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3101593319core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101593319core:Non-currentFinancialInstruments2023-12-3101593319core:Non-currentFinancialInstruments2022-12-3101593319core:ShareCapital2023-12-3101593319core:ShareCapital2022-12-3101593319core:SharePremium2023-12-3101593319core:SharePremium2022-12-3101593319core:RevaluationReserve2023-12-3101593319core:RevaluationReserve2022-12-3101593319core:CapitalRedemptionReserve2023-12-3101593319core:CapitalRedemptionReserve2022-12-3101593319core:RetainedEarningsAccumulatedLosses2023-12-3101593319core:RetainedEarningsAccumulatedLosses2022-12-3101593319core:RevaluationReserve2022-12-3101593319core:RevaluationReserve2021-12-3101593319core:RetainedEarningsAccumulatedLosses2022-12-3101593319core:RetainedEarningsAccumulatedLosses2021-12-3101593319bus:Director12023-01-012023-12-3101593319core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3101593319core:PlantMachinery2023-01-012023-12-3101593319core:MotorVehicles2023-01-012023-12-31015933192022-01-012022-12-3101593319core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3101593319core:PlantMachinery2022-12-3101593319core:MotorVehicles2022-12-31015933192022-12-3101593319core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3101593319core:CurrentFinancialInstruments2023-12-3101593319core:CurrentFinancialInstruments2022-12-3101593319core:AfterOneYear2023-12-3101593319core:AfterOneYear2022-12-3101593319core:RevaluationReserve2023-01-012023-12-3101593319core:RevaluationReserve2022-01-012022-12-3101593319bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101593319bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101593319bus:FRS1022023-01-012023-12-3101593319bus:AuditExemptWithAccountantsReport2023-01-012023-12-3101593319bus:Director22023-01-012023-12-3101593319bus:Director32023-01-012023-12-3101593319bus:CompanySecretary12023-01-012023-12-3101593319bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP