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Registered Number: 02826485
England and Wales

 

 

 

LANGRIDGE ORGANIC PRODUCTS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 547,613    632,952 
547,613    632,952 
Current assets      
Stocks 4 103,067    80,130 
Debtors 5 1,027,431    1,235,588 
Cash at bank and in hand 1,861,835    1,451,726 
2,992,333    2,767,444 
Creditors: amount falling due within one year 6 (793,471)   (758,139)
Net current assets 2,198,862    2,009,305 
 
Total assets less current liabilities 2,746,475    2,642,257 
Provisions for liabilities 7 (117,790)   (134,775)
Net assets 2,628,685    2,507,482 
 

Capital and reserves
     
Called up share capital 1,100    1,100 
Share premium account 8 2,484    2,484 
Capital Redemption Reserve 9 42    42 
Profit and loss account 2,625,059    2,503,856 
Shareholders' funds 2,628,685    2,507,482 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 25 September 2024 and were signed on its behalf by:


-------------------------------
A Pearce
Director
1
General Information
Langridge Organic Products Limited is a private company, limited by shares, registered in England and Wales, registration number 02826485, registration address Unit 6 12 13 14, Felthambrook Ind Estate Felthambrook Way, Feltham, Middlesex, TW13 7DU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Income is recognised once the order has been despatched.
Operating lease agreements
Rentals paid under operating leases are charged to profit or loss on a straight line casis over the period of the lease.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 taxation
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 and 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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery            15% on reducing balance
Fixtures and fittings             15% on reducing balance
Motor vehicles                      25% on reducing balance
Computer equipment          33% on cost
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 an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.

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 loss is recognised immediately in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. 
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 36 (2022 : 48).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 January 2023 495,393    514,047    54,989    58,500    1,122,929 
Additions 10,689    42,400      3,721    56,810 
Disposals   (25,749)       (25,749)
At 31 December 2023 506,082    530,698    54,989    62,221    1,153,990 
Depreciation
At 01 January 2023 212,144    202,569    20,917    54,347    489,977 
Charge for year 42,815    87,989    5,111    3,820    139,735 
On disposals   (23,335)       (23,335)
At 31 December 2023 254,959    267,223    26,028    58,167    606,377 
Net book values
Closing balance as at 31 December 2023 251,123    263,475    28,961    4,054    547,613 
Opening balance as at 01 January 2023 283,249    311,478    34,072    4,153    632,952 


4.

Stocks

2023
£
  2022
£
Finished Goods 103,067    80,130 
103,067    80,130 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 858,576    1,096,150 
Prepayments & Accrued Income 87,615    69,142 
Other Debtors 81,240    70,296 
1,027,431    1,235,588 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 344,189    408,576 
Corporation Tax 126,600    96,057 
PAYE & Social Security 29,870    24,599 
Accrued Expenses 229,566    165,381 
Other Creditors 4,964    4,534 
Directors' Current Accounts 58,282    58,992 
793,471    758,139 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 117,790    134,775 
117,790    134,775 

8.

Share premium account

2023
£
  2022
£
Equity Share Premium b/fwd 2,484    2,484 
2,484    2,484 

9.

Capital Redemption Reserve

2023
£
  2022
£
Capital Redemption Reserve b/fwd 42    42 
42    42 

10.

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
.   2022
£
  2021
£
Within one year 202,217  202,217 
Between one and five years 808,868  808,868 
In more than five years 134,811  337,028 
1,145,896  1,348,113 

2