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REGISTERED NUMBER: 07889241 (England and Wales)















LANGHAM WINE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






LANGHAM WINE LIMITED (REGISTERED NUMBER: 07889241)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


LANGHAM WINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J C Langham
J M Langham
A D Deves





SECRETARY: A D Deves





REGISTERED OFFICE: Bingham's Melcombe
Dorchester
Dorset
DT2 7PZ





BUSINESS ADDRESS: Warren Farm
Bulbarrow
Blandford Forum
Dorset
DT11 0HQ





REGISTERED NUMBER: 07889241 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

LANGHAM WINE LIMITED (REGISTERED NUMBER: 07889241)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 457,478 322,308

CURRENT ASSETS
Inventories 1,068,008 850,224
Debtors 5 120,585 89,848
Cash at bank 67,929 285,620
1,256,522 1,225,692
CREDITORS
Amounts falling due within one year 6 629,542 555,350
NET CURRENT ASSETS 626,980 670,342
TOTAL ASSETS LESS CURRENT LIABILITIES 1,084,458 992,650

PROVISIONS FOR LIABILITIES 102,411 74,903
NET ASSETS 982,047 917,747

CAPITAL AND RESERVES
Called up share capital 7 250,000 250,000
Retained earnings 732,047 667,747
SHAREHOLDERS' FUNDS 982,047 917,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





J M Langham - Director


LANGHAM WINE LIMITED (REGISTERED NUMBER: 07889241)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Langham Wine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue
Revenue represents invoiced sales of produce and services, excluding value added tax. Revenue is recognised on despatch of goods.

The sale of gift vouchers is deferred until such a time that either the voucher is redeemed, or two years has past since the sale of the voucher. At which time, the proceeds are recognised in revenue.

Property, plant and equipment
Property, plant and equipment assets are held at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life.

Plant and machinery etc - 33% on cost, 20% on cost and 10% on cost and 17.5% reducing balance for tractor vehicles.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each financial reporting date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants
Government grants relating to revenue are recognised using the accruals model. The revenue is recognised as income on a systematic basis over the period in which the related costs for which the grant is intended to compensate are recognised.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell and due allowance is made for obsolete and excess inventory.

LANGHAM WINE LIMITED (REGISTERED NUMBER: 07889241)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a money purchase scheme and contributions payable for the year are charged to the income statement.

LANGHAM WINE LIMITED (REGISTERED NUMBER: 07889241)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 January 2023 436,409
Additions 249,616
Disposals (18,177 )
At 31 December 2023 667,848
DEPRECIATION
At 1 January 2023 114,101
Charge for year 98,055
Eliminated on disposal (1,786 )
At 31 December 2023 210,370
NET BOOK VALUE
At 31 December 2023 457,478
At 31 December 2022 322,308

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 77,198 79,882
Other debtors 36,447 9,966
Directors' loan accounts 6,940 -
120,585 89,848

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 37,085 56,973
Amounts owed to group undertakings 374,336 314,827
Amounts owed to related parties 122,673 32,609
Corporation tax - 25,169
Accruals and deferred income 95,448 125,772
629,542 555,350

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250,000 Ordinary £1 250,000 250,000

LANGHAM WINE LIMITED (REGISTERED NUMBER: 07889241)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. LEASE AGREEMENTS

The company had total guarantees and commitments as shown below.

Minimum lease payments under non-cancellable operating leases fall due as follows :

20232022
££
Within one year5,5005,500
Between two and five year22,00022,000
In more than five years3,6859,185
31,18536,685

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J M Langham
Balance outstanding at start of year - -
Amounts advanced 6,940 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,940 -

The maximum balance overdrawn during the year was £6,940. No interest has been charged on the advance to the director.The balance has been repaid in full since the year end.