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COMPANY REGISTRATION NUMBER: 02925381
FRANK LANGFIELD LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
FRANK LANGFIELD LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
FRANK LANGFIELD LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
165,401
179,541
Current assets
Stocks
214,383
213,221
Debtors
7
198,032
168,041
Cash at bank and in hand
38,331
77,016
------------
------------
450,746
458,278
Creditors: amounts falling due within one year
8
( 276,107)
( 290,935)
------------
------------
Net current assets
174,639
167,343
------------
------------
Total assets less current liabilities
340,040
346,884
Creditors: amounts falling due after more than one year
9
( 4,043)
Provisions
10
( 4,501)
( 5,512)
------------
------------
Net assets
335,539
337,329
------------
------------
Capital and reserves
Called up share capital
12
5
5
Profit and loss account
335,534
337,324
------------
------------
Shareholder funds
335,539
337,329
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FRANK LANGFIELD LIMITED
BALANCE SHEET (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 2 July 2024 , and are signed on behalf of the board by:
H Langfield
Director
Company registration number: 02925381
FRANK LANGFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 2925381. The address of the registered office is Hollins Mill Lane, Sowerby Bridge, Halifax, HX6 2RF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the value of sales excluding value added tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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 property
-
2% straight line
Plant and equipment
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
33% straight line
Stocks
Stocks are stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
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 balance sheet 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to pension funds The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
6,000
------------
Amortisation
At 1 January 2023 and 31 December 2023
6,000
------------
Carrying amount
At 31 December 2023
------------
At 31 December 2022
------------
6. Tangible assets
Freehold property
Plant and equipment
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
156,421
23,563
11,417
62,014
27,779
281,194
Additions
688
2,810
3,498
------------
------------
------------
------------
------------
------------
At 31 Dec 2023
156,421
24,251
14,227
62,014
27,779
284,692
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Jan 2023
6,257
23,291
6,375
49,020
16,710
101,653
Charge for the year
3,128
274
2,205
6,496
5,535
17,638
------------
------------
------------
------------
------------
------------
At 31 Dec 2023
9,385
23,565
8,580
55,516
22,245
119,291
------------
------------
------------
------------
------------
------------
Carrying amount
At 31 Dec 2023
147,036
686
5,647
6,498
5,534
165,401
------------
------------
------------
------------
------------
------------
At 31 Dec 2022
150,164
272
5,042
12,994
11,069
179,541
------------
------------
------------
------------
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
190,703
163,915
Prepayments and accrued income
7,329
4,126
------------
------------
198,032
168,041
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
117,973
85,114
Accruals and deferred income
18,978
7,274
Corporation tax
27,004
2,561
Social security and other taxes
22,708
17,328
Obligations under finance leases and hire purchase contracts
4,043
7,853
Director's loan account
84,432
169,825
Other creditors
969
980
------------
------------
276,107
290,935
------------
------------
Obligations under finance leases and hire purchase contracts are secured upon the asset acquired.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
4,043
------------
------------
Obligations under finance leases and hire purchase contracts are secured upon the asset acquired.
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
5,512
Charge against provision
( 1,011)
------------
At 31 December 2023
4,501
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 10)
4,501
5,512
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
4,501
5,512
------------
------------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 5 each
1
5
1
5
------------
------------
------------
------------
13. Related party transactions
The director's loan account of £84,432 (2022: £169,825) included in creditors above is unsecured, repayable on demand and currently interest free.