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REGISTERED NUMBER: 01491878 (England and Wales)















LANGHAM INDUSTRIES LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)






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




Page

Company Information 1

Group Strategic Report 2 to 6

Report of the Directors 7 to 8

Report of the Independent Auditors 9 to 12

Consolidated Income Statement 13

Consolidated Other Comprehensive Income 14

Consolidated Statement of Financial Position 15

Company Statement of Financial Position 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Statement of Cash Flows 19

Notes to the Consolidated Statement of Cash Flows 20 to 21

Notes to the Consolidated Financial Statements 22 to 42


LANGHAM INDUSTRIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J C Langham
Mrs J M May
J M Langham
A D Deves
Mrs S J Rodgers



SECRETARY: A D Deves



REGISTERED OFFICE: Dower House
Binghams Melcombe
Dorchester
Dorset
DT2 7PZ



REGISTERED NUMBER: 01491878 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Argyle BSc ACA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

The directors aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. The review is consistent with the size and the non-complex nature of the group and is written in the context of the risks and uncertainties faced.

REVIEW OF BUSINESS
The profit on ordinary activities before taxation was £9,311,257 (2022 - £5,760,687). Overall, turnover and profitability were in line with expectations. Underlying profitability was mixed across the group, with strong performances in the port sector and the marine engineering sector performing well under the circumstances. The performance within the non-marine engineering business continued to be affected by difficult market conditions.

Net assets, after payment of dividends, have increased by £5,491,678 to £90,948,268 as at 31 December 2023. Cash reserves are in line with expectations, whilst payments to creditors have been made on time.

DEVELOPMENT AND PERFORMANCE
The group continues to review the market place it operates within and places effort in areas with the most potential and where it can expect to maximise its returns through strong management and leadership, whilst constantly reviewing the group's business sectors, its performance and opportunities. The group continues to explore avenues to expand the existing business within the group and other opportunities as they arise. During the year, the major investment in the berth infrastructure at Portland Port progressed well with phase one completed. This has significantly increased the capacity of the Port.

It is anticipated that the forthcoming year will see an improvement in the non-marine engineering sector with the port and marine engineering sectors remaining buoyant. The long term future prospects and the underlying business remains strong.

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

KEY PERFORMANCE INDICATORS
The directors consider the key performance indicators to be sales, gross profit and profit on ordinary activities before
taxation. A table illustrating the performance for the last five years is as follows:

2023 2022 2021 2020 2019
£'000 £'000 £'000 £'000 £'000
Turnover
Portland Port 15,160 12,500 11,887 8,667 9,087
Marine Engineering 17,083 13,867 12,051 10,955 13,243
Other Engineering 8,272 7,544 5,753 4,197 4,730
Other Activities 601 590 553 483 486
41,116 34,501 30,244 24,302 27,546

Gross Profit
Portland Port 9,152 7,806 8,110 4,638 5,058
Marine Engineering 7,158 4,903 5,329 4,715 6,076
Other Engineering 824 1,915 373 (55 ) (124 )
Other Activities 421 371 360 310 313
17,555 14,995 14,172 9,608 11,323
Gross Profit %
Portland Port 60.37% 62.45% 68.23% 53.52% 55.66%
Marine Engineering 41.90% 35.36% 44.22% 43.04% 45.88%
Other Engineering 9.97% 25.38% 6.48% (1.31% ) (2.62% )
Other Activities 69.91% 62.97% 65.06% 64.09% 64.35%
42.70% 43.46% 46.86% 39.54% 41.11%

Profit on Ordinary Activities Before
Taxation

Portland Port 6,528 5,904 6,313 3,268 3,775
Marine Engineering 3,675 2,162 1,992 2,066 2,605
Other Engineering (668 ) (123 ) (565 ) (438 ) (660 )
Other Activities (224 ) (2,182 ) (1,282 ) (1,031 ) (1,512 )
9,311 5,761 6,458 3,865 4,208

Exceptional Items
Property Revaluations - - 4,522 - 24,606
Profit on disposal - fixed assets - - - 3,146 -
9,311 5,761 10,980 7,011 28,814


LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The group's operations and assets are well diversified and as such the levels of operational and other risks are considered by the directors to be acceptable. The group does not have any material exposure to any high risk markets or geographical areas.

The group's principal financial instruments comprise bank balances, bank overdrafts and loans, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to raise funds for the group operations and to finance the group's operations. Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments minimises the risk to a level that the directors consider acceptable.

The group's exposure to interest and exchange rate fluctuations is managed by the close monitoring of funds held on accounts and debtor and creditor balances.

The group's exposure to increases in prices of raw materials is managed by a regular review of raw material costs, market conditions and sales prices. As a result of the Russian invasion of Ukraine, a number of projects the group is involved in have been delayed or there will be significant increases in costs. The group continues to seek alternative suppliers to minimise risk.

Cyber security remains a risk and as such the systems and infrastructure are constantly under review and employees are made aware of the latest protocols and the risks involved.

The directors consider the levels of risk are acceptable.


LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

SECTION 172(1) STATEMENT
The Directors are bound by their duties under the Companies Act 2006 (the "Act") and understand each duty is in the interest of the overall success of the company and group. This statement sets out how the directors have regard to the matters set out in Section 172 of the Act whilst undertaking their roles, including but not limited to:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company and group’s employees;
(c) the need to foster the company and group’s business relationships with suppliers, customers and others;
(d) the impact of the company and group’s operations on the community and the environment;
(e) the desirability of the company and group maintaining a reputation for high standards of business conduct; and
(f) need to act fairly as between members of the company.

As the holding company of a group, the board of directors recognise the importance of the wider stakeholders in delivering the strategy and business sustainability through the subsidiary undertakings. The directors are conscientious about our responsibilities and duties to our stakeholders under Section 172 of the Companies Act 2006.

The Board ensures that decisions are always taken for the long term, and collectively and individually aims to uphold the highest standards of conduct.

Whilst day to day operational decisions are delegated to management teams, the group has established clear reporting lines into the board of directors, which has ultimate responsibility for any strategic decisions or decisions of key importance with the likely long term consequences of any decision in mind.

The Board recognises the importance of the contribution made by our employees, who deliver the highest levels of service for our customers and clients.Engagement with employees helps to build a deep and diverse talent pool, attract and retain talent and ensure that employees remain enthusiastic about their work and their organisation. Regularly listening to employees' feedback ensures they feel valued with their views recognised and acted upon.

Engagement with customers helps the group develop and maintain open and transparent relationships, which maintains a reputation for high standards of business conduct.

In addition, there is customer engagement at various levels within the group, including day to day engagement at operational level. This engagement provides the directors with information on how our customers view the performance of the subsidiary companies, enabling them to modify behaviours to promote the overall success of the group.

Our business is supported by a large number of suppliers who enables us to provide high standards of service to our customers, clients and partners. Engagement with suppliers enables the group to develop and maintain long-term and sustainable relationships and helps ensure that the group purchases products and services from suppliers who operate responsibly and in line with our policies and standards.

The Board recognises that the environmental impact of the subsidiary companies is an important consideration in the current and long-term goals of the group. The group has procedures in place such as recycling and uses a digital environment where possible to reduce paper usage.

The Board engages with local communities through the subsidiary companies, by means of charitable support and regular communications, including how we can create opportunities to recruit and develop local people. The key issues and themes across local communities are reported back to the Board.

The board of directors wishes at all times to maintain the strong reputation of the Langham Industries Limited group of companies, and to ensure that decisions are made with a high standard of business conduct in mind. Integrity is a key element of business behaviour throughout the group and the board of directors recognise that acting ethically and with integrity at all times protects the Group’s reputation, shareholders, stakeholders and employees, and that the culture and values of the group companies are fundamental contributors to the overall success of the group in the longer term.

The board of directors wishes to set high standards by its conduct and procedures that will permeate throughout the organisation and be maintained at all levels by colleagues and carry over into all interactions with stakeholders.




LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


ON BEHALF OF THE BOARD:





A D Deves - Secretary


28 August 2024

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of a holding company and through its subsidiaries carries on the business of port operation, the manufacture and sale of marine propellers, shafting and sterngear, other marine engineering equipment, aerospace and industrial light alloy castings, industrial fasteners, precision machining and yacht services.

DIVIDENDS
Interim dividends of 60p per share on the Ordinary A £1 shares were paid on 11 April 2023 and 18 October 2023. The directors recommend that no final dividend to be paid on these shares.

The total distribution of dividends for the year ended 31 December 2023 will be £1,200,000 (2022 - £17,000,000).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J C Langham
Mrs J M May
J M Langham
A D Deves
Mrs S J Rodgers

POLITICAL DONATIONS AND EXPENDITURE
During the year no political contributions were made (2022 - £nil).

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY
Greenhouse gas emissions, energy consumption and energy efficiency disclosures do not apply to the group given that no individual companies in the group are classed as large (Companies Act definition).

TRANSFER TO RESERVES
It is proposed to transfer £6,820,601 (before dividends of £1,200,000) to reserves as set out in the income statement.

EMPLOYEES
During the year consultations took place with employee representatives to inform them of the progress of the business and to discuss factors affecting the group.

The group gives proper consideration to all applications for employment of disabled persons. Those who are recruited and those who become disabled in employment receive appropriate training, career development and promotion.

ENGAGEMENT WITH EMPLOYEES
The Board of Directors takes a long term view in all decision making ensuring that the highest standards of conduct are maintained. The Directors work closely with the management teams of each company taking a close interest in the management and operations of the companies to ensure that high standards of performance and conduct are maintained. All employees have direct access to the Board of Directors should they have suggestions that will improve performance or the work environment or should they have any concerns. The group has adopted a whistleblowing policy which is followed should employees wish to raise any issues. It is recognised that the employees are key to the future of the group and as such, career progression of staff is encouraged with suitable support, training and mentoring.


LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:



A D Deves - Secretary


28 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LANGHAM INDUSTRIES LIMITED

Opinion
We have audited the financial statements of Langham Industries Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LANGHAM INDUSTRIES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LANGHAM INDUSTRIES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as valuation of investment property, inventory provisions and the valuation of amounts recoverable on contracts, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation, reviewing the outcome of prior year estimates, and also reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment laws, various subsidiaries are ISO9100 (Quality Management System) accredited and the port companies are subject to Maritime laws and regulations. The group and those subsidiary companies affected are subject to regular internal and external audits to ensure compliance with these areas.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, reading minutes of meetings of those charged with governance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LANGHAM INDUSTRIES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Argyle BSc ACA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

3 September 2024

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

REVENUE 3 41,116,499 34,501,412

Cost of sales 23,561,477 19,505,978
GROSS PROFIT 17,555,022 14,995,434

Distribution costs 244,233 289,303
Administrative expenses 9,598,461 10,577,442
9,842,694 10,866,745
7,712,328 4,128,689

Other operating income 795,959 954,469
OPERATING PROFIT 5 8,508,287 5,083,158

Income from fixed asset investments 99,255 75,284
Interest receivable and similar income 6 1,295,208 620,680
1,394,463 695,964
9,902,750 5,779,122

Interest payable and similar expenses 7 591,493 18,435
PROFIT BEFORE TAXATION 9,311,257 5,760,687

Tax on profit 8 2,490,656 1,338,083
PROFIT FOR THE FINANCIAL YEAR 6,820,601 4,422,604
Profit attributable to:
Owners of the parent 6,613,549 3,962,673
Non-controlling interests 207,052 459,931
6,820,601 4,422,604

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 6,820,601 4,422,604


OTHER COMPREHENSIVE INCOME

Exchange gains/(losses) on retranslation
of opening net assets of overseas
subsidiaries (128,923 ) 82,618
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

(128,923

)

82,618
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 6,691,678 4,505,222

Total comprehensive income attributable to:
Owners of the parent 6,484,626 4,045,291
Non-controlling interests 207,052 459,931
6,691,678 4,505,222

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 97,393 136,350
Property, plant and equipment 12 55,108,877 46,765,205
Investments 13 330,000 330,000
Investment property 14 7,757,345 7,757,345
63,293,615 54,988,900

CURRENT ASSETS
Inventories 15 3,505,109 3,704,845
Debtors 16 11,999,994 17,971,688
Investments 17 18,073,396 32,794
Cash at bank and in hand 32,192,842 35,013,488
65,771,341 56,722,815
CREDITORS
Amounts falling due within one year 18 17,231,900 13,303,288
NET CURRENT ASSETS 48,539,441 43,419,527
TOTAL ASSETS LESS CURRENT LIABILITIES 111,833,056 98,408,427

CREDITORS
Amounts falling due after more than one year 19 (8,165,842 ) (325,275 )

PROVISIONS FOR LIABILITIES 24 (12,718,946 ) (12,626,562 )
NET ASSETS 90,948,268 85,456,590

CAPITAL AND RESERVES
Called up share capital 25 2,000,000 2,000,000
Revaluation reserve 26 4,355,880 4,371,751
Capital redemption reserve 26 750,000 750,000
Retained earnings 26 79,248,126 73,947,629
SHAREHOLDERS' FUNDS 86,354,006 81,069,380

NON-CONTROLLING INTERESTS 27 4,594,262 4,387,210
TOTAL EQUITY 90,948,268 85,456,590

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:




A D Deves - Director



J C Langham - Director


LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Property, plant and equipment 12 840,388 1,010,872
Investments 13 8,342,742 9,445,263
Investment property 14 12,690,808 12,675,808
21,873,938 23,131,943

CURRENT ASSETS
Debtors 16 7,680,866 10,450,522
Investments 17 18,071,705 31,103
Cash at bank 8,852,800 21,023,076
34,605,371 31,504,701
CREDITORS
Amounts falling due within one year 18 2,941,790 28,515,777
NET CURRENT ASSETS 31,663,581 2,988,924
TOTAL ASSETS LESS CURRENT LIABILITIES 53,537,519 26,120,867

PROVISIONS FOR LIABILITIES 24 1,424,260 1,424,260
NET ASSETS 52,113,259 24,696,607

CAPITAL AND RESERVES
Called up share capital 25 2,000,000 2,000,000
Revaluation reserve 26 5,273,412 5,273,412
Capital redemption reserve 26 750,000 750,000
Retained earnings 26 44,089,847 16,673,195
SHAREHOLDERS' FUNDS 52,113,259 24,696,607

Company's profit for the financial year 28,616,652 2,787,344

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:




A D Deves - Director



J C Langham - Director


LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2022 2,000,000 52,163,459 38,530,743

Changes in equity
Revaluation transfer - 34,158,992 (34,158,992 )
Acquisition of non-controlling
interest - 579,887 -
Dividends - (17,000,000 ) -
Total comprehensive income - 4,045,291 -
Balance at 31 December 2022 2,000,000 73,947,629 4,371,751

Changes in equity
Revaluation transfer - 15,871 (15,871 )
Dividends - (1,200,000 ) -
Total comprehensive income - 6,484,626 -
Balance at 31 December 2023 2,000,000 79,248,126 4,355,880
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2022 750,000 93,444,202 4,525,836 97,970,038

Changes in equity
Acquisition of non-controlling
interest - 579,887 (579,887 ) -
Dividends - (17,000,000 ) (18,670 ) (17,018,670 )
Total comprehensive income - 4,045,291 459,931 4,505,222
Balance at 31 December 2022 750,000 81,069,380 4,387,210 85,456,590

Changes in equity
Dividends - (1,200,000 ) - (1,200,000 )
Total comprehensive income - 6,484,626 207,052 6,691,678
Balance at 31 December 2023 750,000 86,354,006 4,594,262 90,948,268

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 2,000,000 27,019,185 9,140,078 750,000 38,909,263

Changes in equity
Revaluation transfer - 3,866,666 (3,866,666 ) - -
Dividends - (17,000,000 ) - - (17,000,000 )
Total comprehensive income - 2,787,344 - - 2,787,344
Balance at 31 December 2022 2,000,000 16,673,195 5,273,412 750,000 24,696,607

Changes in equity
Dividends - (1,200,000 ) - - (1,200,000 )
Total comprehensive income - 28,616,652 - - 28,616,652
Balance at 31 December 2023 2,000,000 44,089,847 5,273,412 750,000 52,113,259

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 15,736,699 9,530,177
Interest paid (591,493 ) (18,435 )
Interest element of hire purchase payments paid (15,619 ) (17,111 )
Tax refund/ (paid) 3,010,823 (1,145,759 )
Net cash from operating activities 18,140,410 8,348,872

Cash flows from investing activities
Purchase of tangible fixed assets (10,945,552 ) (16,662,491 )
Purchase of current asset investments (18,042,756 ) -
Sale of tangible fixed assets 36,957 128,435
Sale of investment property - 35,957,568
Interest received 1,295,208 620,680
Dividends received 99,255 75,284
Net cash from investing activities (27,556,888 ) 20,119,476

Cash flows from financing activities
New loans in year 8,000,000 -
Capital repayments of hire purchase (141,829 ) (139,462 )
Equity dividends paid (1,200,000 ) (17,000,000 )
Dividends to non-controlling interests - (18,670 )
Net cash from financing activities 6,658,171 (17,158,132 )

(Decrease)/increase in cash and cash equivalents (2,758,307 ) 11,310,216
Cash and cash equivalents at beginning of year 2 34,829,661 23,519,445

Cash and cash equivalents at end of year 2 32,071,354 34,829,661

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 9,311,257 5,760,687
Depreciation charges 2,520,979 2,012,775
Profit on disposal of fixed assets (31,579 ) (90,533 )
Loss on revaluation of fixed assets 2,154 4,257
Increase in provisions 40,000 -
Amortisation 38,957 38,957
Foreign exchange losses/(gains) (53,401 ) 50,250
Finance costs 591,493 18,435
Finance income (1,394,463 ) (695,964 )
11,025,397 7,098,864
Decrease/(increase) in inventories 199,736 (30,790 )
Decrease in trade and other debtors 752,903 2,307,557
Increase in trade and other creditors 3,758,663 154,546
Cash generated from operations 15,736,699 9,530,177

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 32,192,842 35,013,488
Bank overdrafts (121,488 ) (183,827 )
32,071,354 34,829,661
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 35,013,488 23,600,459
Bank overdrafts (183,827 ) (81,014 )
34,829,661 23,519,445

There is a restriction over the use of £750,000 included in cash and cash equivalents. The funds are not available for use by the group because it is used as a collateral deposit to secure the Barclays lending facilities for the group.


LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 35,013,488 (2,820,646 ) 32,192,842
Bank overdrafts (183,827 ) 62,339 (121,488 )
34,829,661 (2,758,307 ) 32,071,354

Liquid resources
Current asset investments 32,794 18,040,602 18,073,396
32,794 18,040,602 18,073,396
Debt
Finance leases (461,912 ) 157,448 (304,464 )
Debts falling due after 1 year - (8,000,000 ) (8,000,000 )
(461,912 ) (7,842,552 ) (8,304,464 )
Total 34,400,543 7,439,743 41,840,286

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

1. GENERAL INFORMATION

Langham Industries Limited is a limited company incorporated in England and Wales. The address of the registered office is given in the company information on page one of these financial statements. The nature of the group company's operations and principal activities are detailed in the report of the directors on page seven.

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Basis of consolidation
The consolidated accounts comprise those of Langham Industries Limited and its subsidiaries for the year ended 31 December 2023.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the period are included in the consolidated income statement from the date of acquisition or up to the date of disposal.

Investments in associated undertakings are stated at cost less impairment. The equity method of accounting has not been applied because the amounts in question are not material for the purpose of giving a true and fair view.

Financial reporting standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

The disclosure above is incorporated within these consolidated financial statements.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the Group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

i) Inventory provision

The group manufactures various products for the marine and aeronautical industries and is subject to changing consumer demands and economic trends. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. Inventories are stated after provisions for impairment of £422,837 (2022 - £401,543). When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

ii) Valuation of investment properties

The investment properties are stated at fair value based on the valuations performed by Ireland Weller, Savills plc and Symonds & Sampson LLP and updated by the directors at the year end. The valuers used observable market prices adjusted as necessary for any differences in the future, location or condition of the specific asset. The directors are of the opinion that, based on available market evidence, there were no material changes to the property valuations.

iii) Bad debt provision

The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Debtors are stated after provisions for impairment of £448,230 (2022 - £582,537).

Revenue
Revenue is stated at invoice value, adjusted where appropriate for movement in long-term work in progress or in respect of service contracts where revenue is recognised when there is a right to consideration. Trade discounts allowed, value added tax and intergroup sales are excluded.

Amounts recoverable on contracts
Revenue is recognised on contracts where there is a right to consideration. Revenue recognised in this manner is based on an assessment of the fair value of the goods and services provided at the financial reporting date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those contracts where the right to receive payment is contingent on factors outside the control of the companies within the group. Unbilled revenue is included in debtors.

Goodwill
Goodwill arising on the acquisition of a business is capitalised as an intangible asset and amortised against profit over 5 years or its expected useful life, whichever is the shorter.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Property, plant and equipment assets are held at cost less accumulated depreciation and impairment, with the exception of freehold property owned by the parent company and leased to subsidiary companies as detailed below.

Depreciation is provided on all fixed assets other than freehold land and investment properties. The straight line method of depreciation is generally used with each item being written off over its expected useful life. Annual depreciation rates are in general:

Leasehold property-2% to 5% per annum
Buildings-2% per annum
Plant and equipment-7% to 20% per annum
Motor vehicles-25% to 33% per annum

Fixed asset investments are shown at cost or directors' valuation less impairment.

Freehold property owned by the parent company and leased to subsidiary companies is accounted for in accordance with Sections 16 and 17 of FRS 102.

In the parent's own financial statements it is shown as investment property measured at fair value at each reporting date, with changes in fair value recognised in the income statement and the revaluation reserve. No depreciation is provided in respect of investment properties.

This treatment is not in accordance with the Companies Act but the Directors consider that this accounting policy results in the accounts showing a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

In the consolidated financial statements it is shown as freehold property measured at deemed cost based on professional valuations at the date of transition to FRS 102, in accordance with Section 35 of FRS 102, or cost for any subsequent additions. All other freehold properties are accounted for at cost. Depreciation is charged at 2% per annum straight line on the buildings element.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount its reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Inventories
Inventories are valued consistently at the lower of cost and fair value less costs to complete and sell. Cost includes relevant works overheads. Due allowance is made for obsolete and excess inventories. Full provision is made for foreseeable losses on uncompleted sales contracts. Inventories are accounted for on a first-in-first-out basis.

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The group 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 publicly 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 Consolidated 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.

Foreign currencies
Transactions in foreign currencies are translated into sterling at the exchange rates ruling at the date of the transaction. Gains and losses arising in the normal course of trade are included in the income statement.

The results and net assets of foreign subsidiaries are translated into sterling at the middle market rates ruling at the date of the group statement of financial position. Exchange differences arising on consolidation are taken to reserves.

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

2. ACCOUNTING POLICIES - continued

Leasing
The group enters into finance and operating leases. Assets acquired under finance leases are capitalised with finance charges being written off to the income statement over the term of the lease. Hire purchase transactions are dealt with similarly. Payments under operating leases are written off to the income statement over the period of the lease.

Pensions
The group operates two pension schemes. The Langham Industries Group Personal Pension Plan and the Langham Industries Directors Pension Plan are money purchase schemes and contributions payable for the year are charged to the income statement. Assets for both Plans are held in separate trustee administered funds.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Current asset investments
Short term investments are liquid financial assets which have an original maturity of 12 months or less. Short term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because their maturity is greater than three months, such as short term bank deposits which are recorded at transaction price.

Current asset investments in managed funds are initially recognised at cost and subsequently revalued to fair value at each financial reporting date, with movements through the income statement. The fair value of investments in companies traded on AIM is represented by the stock exchange value at the financial reporting date, as this is considered to be the market value. The fair value of investments in managed funds is represented by fund value as calculated by the fund manager.

3. REVENUE

The revenue and profit before taxation are attributable to the principal activities of the group.

An analysis of revenue by class of business is given below:

2023 2022
£    £   
Port 15,159,644 12,500,686
Marine Engineering 17,082,706 13,866,685
Other Engineering 8,272,660 7,544,009
Other 601,489 590,032
41,116,499 34,501,412

An analysis of revenue by geographical market is given below:

2023 2022
£    £   
United Kingdom 29,512,040 24,823,076
Other 11,604,459 9,678,336
41,116,499 34,501,412

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 11,131,799 10,296,195
Social security costs 1,120,267 1,054,555
Other pension costs 622,678 550,467
12,874,744 11,901,217

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Production 113 113
Administration, sales and distribution 146 140
259 253

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

Directors' Remuneration 2023 2022
£ £

Aggregate emoluments 869,913 728,260

Retirement benefits are accruing to four directors under a money purchase pension scheme (2022 - four).

Details relating to the highest paid director are as follows: 2023 2022
£ £

Aggregate emoluments 586,296 507,272

5. OPERATING PROFIT

2023 2022
£ £
The operating profit is stated after charging/(crediting):

Rents receivable (744,050 ) (599,025 )
Depreciation of assets held under finance leases and hire purchase agreements 87,133 97,252
Depreciation of fixed assets 2,433,846 1,915,523
Amortisation of goodwill 38,957 38,957
(Profit)/loss on sale of fixed assets excluding exceptional item (31,579 ) (90,533 )
Auditors' remuneration - audit of parent and consolidation 43,000 40,015
- audit of subsidiaries 114,857 106,402
- taxation 19,901 19,500
Operating leases 290,088 212,697
Government grants - (28,695 )
Exchange fluctuations 260,797 (300,825 )

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Interest receivable and similar income 1,295,208 620,680

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 520,944 44
Finance lease and hire
purchase contract interest 15,619 17,111
Other interest payable 54,930 1,280
591,493 18,435

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 2,509,659 1,932,607
Adjustment re previous years (78,624 ) (1,402,007 )
Foreign corporation tax 7,237 23,532
Total current tax 2,438,272 554,132

Deferred tax 52,384 783,951
Tax on profit 2,490,656 1,338,083

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 9,311,257 5,760,687
Profit multiplied by the standard rate of corporation tax in the UK of 23.500 %
(2022 - 19 %)

2,188,145

1,094,531

Effects of:
Capital allowances in excess of depreciation (44,646 ) -
Depreciation in excess of capital allowances - 41,226
Adjustments to tax charge in respect of previous periods (78,624 ) (1,402,007 )
Permanent disallowances 49,325 23,079
Other timing differences 370,315 127,937
Chargeable gains - 669,366
Adjustment to tax charge in respect of deferred tax 6,141 783,951
Total tax charge 2,490,656 1,338,083

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Exchange gains/(losses) on retranslation
of opening net assets of overseas
subsidiaries (128,923 ) - (128,923 )
(128,923 ) - (128,923 )

2022
Gross Tax Net
£    £    £   
Exchange gains/(losses) on retranslation
of opening net assets of overseas
subsidiaries 82,618 - 82,618
82,618 - 82,618

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

8. TAXATION - continued

Factors affecting tax charges in future periods
The company's tax liabilities have been computed based on the corporate tax rate and tax laws prevailing at the financial reporting date. In the Spring Budget 2021, the UK Government announced that from 1 April 2023, the corporation tax rate would increase to 25%. This new law was substantively enacted 24 May 2021. For the financial year ended 31 December 2023, the current weighted averaged tax rate was 23.5%.

As a result, deferred tax balances are stated at 25% for the years ended 31 December 2023 and 31 December 2022.

9. PROFIT OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. The parent company's profit for the financial year was £28,616,652 (2022 - £2,787,344).

10. DIVIDENDS
2023 2022
£    £   
Ordinary shares shares of £1 each
Interim 1,200,000 17,000,000

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 249,785
AMORTISATION
At 1 January 2023 113,435
Amortisation for year 38,957
At 31 December 2023 152,392
NET BOOK VALUE
At 31 December 2023 97,393
At 31 December 2022 136,350

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

12. PROPERTY, PLANT AND EQUIPMENT

Group
Freehold Short Plant &
property leasehold equipment Totals
£    £    £    £   
COST
At 1 January 2023 40,792,437 1,080,229 22,584,958 64,457,624
Additions 9,285,492 67,775 1,592,285 10,945,552
Disposals - - (277,898 ) (277,898 )
Exchange differences (78,558 ) - (39,282 ) (117,840 )
At 31 December 2023 49,999,371 1,148,004 23,860,063 75,007,438
DEPRECIATION
At 1 January 2023 4,346,529 722,021 12,623,869 17,692,419
Charge for year 941,871 145,513 1,433,595 2,520,979
Eliminated on disposal - - (272,519 ) (272,519 )
Exchange differences (7,980 ) - (34,338 ) (42,318 )
At 31 December 2023 5,280,420 867,534 13,750,607 19,898,561
NET BOOK VALUE
At 31 December 2023 44,718,951 280,470 10,109,456 55,108,877
At 31 December 2022 36,445,908 358,208 9,961,089 46,765,205

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

12. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Included in freehold property is long-term leasehold property with cost of £44,428,979 and accumulated depreciation of £4,473,592.

Included in net book value are the following assets held under finance leases and hire purchase agreements:

2023 2022
£ £

Plant and equipment 501,614 258,510

Freehold land amounting to £50,000 (2022 - £50,000) has not been depreciated.

Certain group assets are included in the accounts at revalued amounts on an open market, existing use basis. Details of cost, depreciation on cost and revalued amounts are as follows:




Valuation

Original Cost
Depreciation on
Cost
Net Book Value
on Cost
Country Year Valuer £ £ £ £

Land and buildings:


U.K.

2013
Speed Ireland
Weller

2,151,000

1,357,466

723,559

633,907

Freehold property owned by the parent company and leased to the subsidiary companies is shown in freehold property in the consolidated financial statements.

These properties were subject to valuation by Ireland Weller and Savills plc, qualified independent valuers, on an open market basis. The methods and assumptions used to ascertain the fair values are as follows:

In accordance with RICS valuation standards, the valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant.

The group has applied the transitional arrangements of Section 35 of FRS 102 and used these professional valuations as the deemed cost for freehold properties owned by the parent company and leased to the subsidiary companies. The properties are being depreciated from the date of the valuation and transition to FRS 102. As the assets are depreciated or sold, an appropriate transfer is made from the revaluation reserve to retained earnings.


LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

12. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Freehold Short Plant &
property leasehold equipment Totals
£    £    £    £   
COST
At 1 January 2023 819,134 1,059,075 158,641 2,036,850
Additions 865 - 7,127 7,992
Disposals - - (11,204 ) (11,204 )
At 31 December 2023 819,999 1,059,075 154,564 2,033,638
DEPRECIATION
At 1 January 2023 206,168 702,766 117,044 1,025,978
Charge for year 16,383 139,020 23,073 178,476
Eliminated on disposal - - (11,204 ) (11,204 )
At 31 December 2023 222,551 841,786 128,913 1,193,250
NET BOOK VALUE
At 31 December 2023 597,448 217,289 25,651 840,388
At 31 December 2022 612,966 356,309 41,597 1,010,872

13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 432,853
PROVISIONS
At 1 January 2023
and 31 December 2023 102,853
NET BOOK VALUE
At 31 December 2023 330,000
At 31 December 2022 330,000

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

13. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023 12,640,106
Additions 100,000
Disposals (1,644,668 )
At 31 December 2023 11,095,438
PROVISIONS
At 1 January 2023 3,194,843
Provision for year 1,700,000
Eliminated on disposal (1,642,147 )
Provision written back (500,000 )
At 31 December 2023 2,752,696
NET BOOK VALUE
At 31 December 2023 8,342,742
At 31 December 2022 9,445,263


The company shares in group undertakings are held either at cost or valuation as disclosed below:

2023
£

Shares at cost 11,095,438
Shares at valuation -
11,095,438


The subsidiary companies are listed in note 33.

Associated undertakings

The group acquired a 50% share in the ordinary share capital of Creasey Castings Limited on 22 December 2003 for £330,000.

The principal activity of the company is the manufacture of light alloy castings, and the profit for the period to 31 December 2023 was £428,000 (2022 - £440,000) and net assets were £2,678,000 (2022 - £2,450,000).

The group acquired a 44% share in the ordinary share capital of Stone Marine Gurdesan Limited, a company incorporated in Turkey, in 2013. The 2023 statutory financial statements for Stone Marine Gurdesan Limited are not currently available and therefore no details of the results for the year have been disclosed. The cost of this investment has been fully provided against.

The principal activity of the company is the manufacture of marine propellers.

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

14. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 7,757,345
NET BOOK VALUE
At 31 December 2023 7,757,345
At 31 December 2022 7,757,345

These properties were subject to valuation by Ireland Weller, qualified independent valuers, at 31 December 2021 on an open market basis with the exception of one freehold property which was subject to valuation by Symonds & Sampson LLP,professionally qualified independent valuers, at 21 January 2019 on an open market basis. The methods and assumptions used to ascertain the fair value of £7,757,345 (2022 - £7,757,345) are as follows:

In accordance with RICS valuation standards, the valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant. The valuations principally focused on a continuation of existing use, having regard to the current tenancy positions and a rent yield approach.

The directors consider that the value of investment property is not materially different as at 31 December 2023.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 7,757,345

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 3,216,288 3,216,288

The investment properties were valued on an open market basis on 31 December 2021 by Ireland Weller .

Company
Total
£   
FAIR VALUE
At 1 January 2023 12,675,808
Additions 15,000
At 31 December 2023 12,690,808
NET BOOK VALUE
At 31 December 2023 12,690,808
At 31 December 2022 12,675,808

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 12,690,808

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

14. INVESTMENT PROPERTY - continued

Company

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 6,537,396 6,522,396

Investment property was valued on an open market basis on 31 December 2021 by Ireland Weller .

Investment properties were subject to valuation by Ireland Weller, professionally qualified independent valuers, at 31 December 2021 on an open market basis with the exception of one freehold property which was subject to valuation by Symonds & Sampson LLP, professionally qualified independent valuers, at 21 January 2019 on an open market basis. The methods and significant assumptions used to ascertain the fair value of investment properties totalling £12,690,808 (2022 - £12,675,808) are as follows:

In accordance with RICS valuation standards, the valuations were prepared having regard to market based evidence for similar properties sold in the local area, subject to any occupational leases where applicable. The valuations principally focused on a continuation of existing use, having regard to the current tenancy positions and a rent yield approach.

The directors consider that the value of investment property is not materially different as at 31 December 2023.

15. INVENTORIES

Group
2023 2022
£    £   
Raw materials and consumables 2,560,250 2,770,132
Work-in-progress 365,375 441,845
Finished goods 579,484 492,868
3,505,109 3,704,845

In the opinion of the directors the replacement value of inventories is not significantly different from the book value stated above.

16. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 5,985,733 6,340,407 49,816 5,179
Amounts owed by group undertakings - - 6,300,124 4,407,914
Amounts recoverable on
contracts 2,107,313 1,594,830 - -
Other debtors and prepayments 3,640,803 4,678,247 834,163 739,736
Amounts owed by related undertakings 219,401 92,669 213,823 86,878
Corporation tax 46,744 5,265,535 46,744 5,210,815
11,999,994 17,971,688 7,444,670 10,450,522

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 236,196 -

Aggregate amounts 11,999,994 17,971,688 7,680,866 10,450,522

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

17. CURRENT ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£ £ £ £
Listed investments 30,640 32,794 28,949 31,103
Short term deposits 18,042,756 - 18,042,756 -
18,073,396 32,794 18,071,705 31,103
Short term deposits have an original maturity date of 12 months or less, an average maturity at the financial reporting date of 4 months and an average rate of interest of 5.44%.

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 20) 121,488 183,827 - -
Hire purchase contracts (see note 21) 156,652 158,495 - -
Payments on account 5,178,499 1,580,229 - -
Trade creditors 1,857,370 3,231,713 26,230 73,261
Amounts owed to group undertakings - - 1,906,261 27,765,002
Corporation tax 2,027,897 1,797,593 223,161 -
Other taxes and social security 663,028 515,197 121,575 40,666
Other creditors 7,118,666 5,571,729 602,824 464,394
Amounts owed to related
undertakings 108,300 264,505 61,739 172,454
17,231,900 13,303,288 2,941,790 28,515,777

Trade creditors include certain liabilities to suppliers which may be secured on materials purchased from those suppliers.

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 20) 8,000,000 -
Hire purchase contracts (see note 21) 147,812 303,417
Other creditors 18,030 21,858
8,165,842 325,275

20. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 121,488 183,827
Amounts falling due between two and five years:
Bank loans falling due between
two and five years 8,000,000 -
8,000,000 -

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 156,652 158,495
Between one and five years 147,812 303,417
304,464 461,912

The hire purchase contracts relate to a number of specialist machines for the machining and marine engineering industries. The remaining lease terms range from one to five years. At the end of the lease, title of the assets passes to the group for a nominal fee.

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 137,254 180,347
Between one and five years 317,712 325,056
In more than five years 284,514 350,314
739,480 855,717

Operating leases - lessor

Total future minimum lease payments receivable under non-cancellable operating leases are as follows:


2023 2022
£ £
Within one year 1,788,096 1,669,036
Between one and five years 3,994,965 4,371,453
In more than five years 2,643,087 3,197,977
8,426,148 9,238,466

The group has a number of properties which are leased to third parties with leases expiring over a number of years.

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 54,000 54,000
Between one and five years 216,000 216,000
In more than five years 270,000 324,000
540,000 594,000

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

21. LEASING AGREEMENTS - continued

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

20232022
££
Within one year304,901279,100
Between one and five years786,279619,400
In more than five years1,599,0521,870,017
2,690,2322,768,517

22. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank overdrafts 121,488 183,827
Bank loans 8,000,000 -
Hire purchase contracts 304,464 461,912
8,425,952 645,739

Company bank borrowings are secured by fixed charges on freehold properties.

Group bank overdrafts of £121,488 (2022 - £183,827) are secured by fixed charges on freehold and certain leasehold properties and floating charges in general over the assets of each U.K. company. Guarantees between certain U.K. companies also secure borrowings.

Group bank loans totalling £8,000,000 (2022 - £nil) are secured by fixed charges on certain group freehold properties.

Obligations under finance leases and hire purchase agreements are secured on plant and machinery of the relevant group company.

23. FINANCIAL INSTRUMENTS

Group

The group has the following financial instruments:

2023 2022
£ £
Financial assets at fair value through profit or loss
Listed investments 30,640 32,794

The income, expenses, net gains and net losses attributable the group's financial instruments are summarised as follows:

Income and expense 2023 2022
£ £
Financial assets measured at fair value through profit or loss (2,154 ) (4,257 )

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £1,295,208 (2022 - £620,680) and £591,493 (2022 - £18,435) respectively.


LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

FINANCIAL INSTRUMENTS - continued

Company

The company has the following financial instruments:

2023 2022
£ £
Financial assets at fair value through profit or loss
Listed investments 28,949 31,103


The income, expenses, net gains and net losses attributable the company's financial instruments are summarised as follows:

Income and expense 2023 2022
£ £
Financial assets measured at fair value through profit or loss (2,154 ) (4,257 )

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £1,115,652 (2022 - £548,320) and £48,491 (2022 - £nil) respectively.

24. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Tax losses carried forward (112,345 ) (112,345 ) - -
Accelerated capital allowances 1,537,618 1,483,016 108,036 108,036
Other timing differences (205,282 ) (203,064 ) (6,026 ) (6,026 )
Gains rolled over 10,638,955 10,638,955 442,250 442,250
Property revaluations 820,000 820,000 880,000 880,000
12,678,946 12,626,562 1,424,260 1,424,260

Other provisions 40,000 - - -

Aggregate amounts 12,718,946 12,626,562 1,424,260 1,424,260

Group
Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 12,626,562 -
Transfer - income statement 52,384 40,000
Balance at 31 December 2023 12,678,946 40,000

Company
Deferred
tax
£   
Balance at 1 January 2023 1,424,260
Transfer - Income statement
Balance at 31 December 2023 1,424,260

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

24. PROVISIONS FOR LIABILITIES - continued

The expected net reversal of deferred tax liabilities in 2024 is not expected to be significant based on planned capital expenditure for the company and the group.

25. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000,000 Ordinary A £1 1,000,000 1,000,000
1,000,000 Ordinary B £1 1,000,000 1,000,000
2,000,000 2,000,000

Each Ordinary A share carries one vote per share at general meetings. Ordinary B shares carry no entitlement to attend or vote at general meetings. Both Ordinary A and Ordinary B shares are entitled to dividends, however no distribution shall be made to the holders of Ordinary B shares in any financial period unless a distribution of not less than £0.80 per Ordinary A share has been declared and paid to the holders of Ordinary A shares in respect of that financial period. On repayment of capital proceeds shall be distributed to the holders of Ordinary A shares to the exclusion of the holders of Ordinary B shares.

26. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 73,947,629 4,371,751 750,000 79,069,380
Profit for the year 6,613,549 6,613,549
Dividends (1,200,000 ) (1,200,000 )
Exchange fluctuation (128,923 ) - - (128,923 )
Revaluation transfer 15,871 (15,871 ) - -
At 31 December 2023 79,248,126 4,355,880 750,000 84,354,006

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 16,673,195 5,273,412 750,000 22,696,607
Profit for the year 28,616,652 28,616,652
Dividends (1,200,000 ) (1,200,000 )
At 31 December 2023 44,089,847 5,273,412 750,000 50,113,259

Retained earnings - includes all current and prior period retained profits and losses.

Revaluation reserve - the aggregate surplus on re-measurement of investment properties, 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.

Capital redemption reserve - represents the amount by which the company's issued share capital is diminished on the cancellation of shares purchased.

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

27. NON-CONTROLLING INTERESTS

Movements to non-controlling interests are as set out in the consolidated statement of changes in equity.

28. EMPLOYEE BENEFIT OBLIGATIONS

The group contributed to the following pension schemes for eligible employees, who also make contributions. The schemes are separately funded and administered.

a) Langham Industries Limited Directors Pension Plan

The group also operates a self-administered defined contribution scheme in respect of certain directors. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost for the year was £nil (2022 - £nil).

b) Langham Industries Group Personal Pension Plan

This is a money purchase scheme and the assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost for the year was £623,000 (2022 - £550,000).

29. CONTINGENT LIABILITIES

The company has provided performance guarantees on behalf of certain group companies.

30. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

The company paid dividends of £nil (2022- £16,000,000) to entities with significant influence over the company.

Key management personnel of the entity or its parent (in the aggregate)

The company paid dividends of £621,600 (2022 - £517,733) to key management personnel. The company paid rent of £54,000 (2022 - £54,000) to three of the directors.

At the year end £nil (2022 - £100,000) was due to one director. The loan is interest free and repayable on demand.

Key management personnel compensation in the year totalled £977,700 (2022 - £822,003).

Other related parties

The company made purchases totalling £26,609 (2022 - £33,567) and made recharges of £716,061 (2022 - £666,313) to companies in which some of the directors have an interest. The company paid dividends of £578,400 (2022 - £482,000) to other related parties. The total amount due from companies in which some of the directors have an interest is £149,541 (2022 - £54,072). All amounts due are interest free and repayable on demand.

31. EVENTS AFTER THE REPORTING PERIOD

A dividend of 80p per Ordinary A share (totalling £800,000) was declared on 22 April 2024. These financial statements do not reflect the dividends payable, which will be accounted for in shareholder's equity as an appropriation of retained earnings in the year ended 31 December 2024.

On 1 August 2024, Langham Industries Limited purchased a leasehold property for £677,500.

32. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the group is the Langham family.

LANGHAM INDUSTRIES LIMITED (REGISTERED NUMBER: 01491878)

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

33. SUBSIDIARY COMPANIES

Percentage of
Ordinary
Shares Held Country

Commercial port operation:

Portland Harbour Authority Limited 100
Portland Port Limited 95

Design, repair, supply and fitting of marine propellers and servicing and repair of
marine hardware:


Stone Marine Propulsion Limited 100
Stone Marine Shipcare Limited 100
Stone Marine Services Limited 100 Scotland
Stone Manganese Marine Services S.A. (Proprietary) Limited 100 South Africa
Stone Marine Services Namibia (Proprietary) Limited 100 Namibia
Stone Manganese Marine Limited (Dormant) 100
Bruntons Propellers Limited 100
Stone Marine Engineering (Proprietary) Limited 100 Namibia

Manufacture of steel and light alloy castings, steel
fabricating and precision machining:

Stone Foundries Limited 100
Tridan Engineering Limited 100
N.F.F. Precision Limited 100

Miscellaneous:

Langham Land Limited (Commercial property management) 100
Winters Marine Limited (Boat and engine repair) 100
Stone Marine Limited (Dormant) 100
Langham Enterprises Limited (Dormant) 100
J. Stone Engineering Limited (Dormant) 100
Thomas Reid & Sons (Paisley) Limited (Dormant) 52
Appledore Land Limited (Commercial property management) 52

Companies owned by subsidiaries of Langham Industries Limited are shown inset. Except where the overseas country of incorporation is stated, all companies are incorporated in England and Wales.