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REGISTERED NUMBER: 04875344 (England and Wales)















LANGHAM FARMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






LANGHAM FARMS LIMITED (REGISTERED NUMBER: 04875344)






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




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


LANGHAM FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J C Langham
J M Langham
Mrs J M May
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: 04875344 (England and Wales)





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

LANGHAM FARMS LIMITED (REGISTERED NUMBER: 04875344)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 7,307,853 7,476,428
Investments 5 250,000 250,000
Investment property 6 715,000 715,000
8,272,853 8,441,428

CURRENT ASSETS
Inventories 433,408 515,240
Debtors 7 588,537 708,576
Cash at bank 954,026 403,607
1,975,971 1,627,423
CREDITORS
Amounts falling due within one year 8 257,412 288,105
NET CURRENT ASSETS 1,718,559 1,339,318
TOTAL ASSETS LESS CURRENT LIABILITIES 9,991,412 9,780,746

PROVISIONS FOR LIABILITIES 9 636,606 670,785
NET ASSETS 9,354,806 9,109,961

CAPITAL AND RESERVES
Called up share capital 10 1,101,100 1,101,100
Share premium 5,071,278 5,071,278
Revaluation reserve 11 107,500 107,500
Retained earnings 3,074,928 2,830,083
SHAREHOLDERS' FUNDS 9,354,806 9,109,961

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.

LANGHAM FARMS LIMITED (REGISTERED NUMBER: 04875344)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 Income Statement 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 FARMS LIMITED (REGISTERED NUMBER: 04875344)

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

1. STATUTORY INFORMATION

Langham Farms 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, as modified by the revaluation of certain assets.

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

The Countryside scheme has been recognised on a receipts basis where a reliable debtor cannot be estimated.

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.

Land and buildings - Land-nil, Others 4 - 10% straight line
Plant and machinery etc - at varying rates between 10% and 33.33% and Nil

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Investment property
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.

Inventories
Inventories are included at the lower of cost and fair value less costs to complete and sell after making allowance for slow moving and obsolete items. Cost is calculated on the cost of production basis.

LANGHAM FARMS LIMITED (REGISTERED NUMBER: 04875344)

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 Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws 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.

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 FARMS LIMITED (REGISTERED NUMBER: 04875344)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Payments under operating leases are written off to the income statement over the life of the lease.

Basis of consolidation
The company has not prepared group accounts as it qualifies as a small sized group and as such has taken advantage of exemption from preparing group accounts under section 398 Companies Act 2006. These accounts therefore only relate to the parent undertaking.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 7,310,343 1,687,073 8,997,416
Additions 6,225 6,015 12,240
Disposals - (397 ) (397 )
At 31 December 2023 7,316,568 1,692,691 9,009,259
DEPRECIATION
At 1 January 2023 483,509 1,037,479 1,520,988
Charge for year 46,246 134,482 180,728
Eliminated on disposal - (310 ) (310 )
At 31 December 2023 529,755 1,171,651 1,701,406
NET BOOK VALUE
At 31 December 2023 6,786,813 521,040 7,307,853
At 31 December 2022 6,826,834 649,594 7,476,428

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 250,000
NET BOOK VALUE
At 31 December 2023 250,000
At 31 December 2022 250,000

LANGHAM FARMS LIMITED (REGISTERED NUMBER: 04875344)

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

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 715,000
NET BOOK VALUE
At 31 December 2023 715,000
At 31 December 2022 715,000

Investment property was valued by the directors, who are not professionally qualified, as at 31 December 2023 on an open market basis using observable market prices adjusted as necessary for any differences in the future location or condition of the specific asset.

The historic cost of the investment property was £607,500 (2022 - £607,500).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 104,480 352,131
Amounts owed by group undertakings 374,336 314,827
Amounts owed by related parties 39,874 5,319
Prepayments and accrued income 69,847 36,299
588,537 708,576

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 25,100 23,978
Amounts owed to related parties 3,650 163,920
Corporation tax 114,588 51,877
VAT 30,345 16,666
Accruals and deferred income 83,729 31,664
257,412 288,105

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Capital allowances 161,606 195,785
Gains rolled over 475,000 475,000
636,606 670,785

Deferred
tax
£   
Balance at 1 January 2023 670,785
Transfer to income statement (34,179 )
Balance at 31 December 2023 636,606

LANGHAM FARMS LIMITED (REGISTERED NUMBER: 04875344)

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

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 2023 2022
value: £ £
Ordinary A £1 1,100,000 1,100,000
Ordinary B £0.001 1,100 1,100
1,101,100 1,101,100

11. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 107,500

The aggregate surplus on re-measurement of investment property, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution. Deferred tax relating to the revalued investment property was £nil (2022 - £nil).

12. CONTINGENT LIABILITIES

The company has given an unlimited all monies guarantee as security over the overdraft of its subsidiary company, Langham Wine Limited. The total amount secured as at 31 December 2023 was nil (2022 - nil).

13. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 410,000 -