IRIS Accounts Production v24.2.0.383 02335951 director 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary 1.00000 Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh023359512022-12-31023359512023-12-31023359512023-01-012023-12-31023359512021-12-31023359512022-01-012022-12-31023359512022-12-3102335951ns15:EnglandWales2023-01-012023-12-3102335951ns14:PoundSterling2023-01-012023-12-3102335951ns10:Director12023-01-012023-12-3102335951ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102335951ns10:SmallEntities2023-01-012023-12-3102335951ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3102335951ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102335951ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102335951ns10:FullAccounts2023-01-012023-12-310233595112023-01-012023-12-3102335951ns10:OrdinaryShareClass12023-01-012023-12-3102335951ns10:CompanySecretary12023-01-012023-12-3102335951ns10:RegisteredOffice2023-01-012023-12-3102335951ns5:CurrentFinancialInstruments2023-12-3102335951ns5:CurrentFinancialInstruments2022-12-3102335951ns5:Non-currentFinancialInstruments2023-12-3102335951ns5:Non-currentFinancialInstruments2022-12-3102335951ns5:ShareCapital2023-12-3102335951ns5:ShareCapital2022-12-3102335951ns5:RevaluationReserve2023-12-3102335951ns5:RevaluationReserve2022-12-3102335951ns5:RetainedEarningsAccumulatedLosses2023-12-3102335951ns5:RetainedEarningsAccumulatedLosses2022-12-3102335951ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102335951ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3102335951ns5:PlantMachinery2023-01-012023-12-3102335951ns5:FurnitureFittings2023-01-012023-12-3102335951ns5:MotorVehicles2023-01-012023-12-3102335951ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3102335951ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3102335951ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3102335951ns5:LandBuildings2022-12-3102335951ns5:PlantMachinery2022-12-3102335951ns5:FurnitureFittings2022-12-3102335951ns5:MotorVehicles2022-12-3102335951ns5:LandBuildings2023-01-012023-12-3102335951ns5:LandBuildings2023-12-3102335951ns5:PlantMachinery2023-12-3102335951ns5:FurnitureFittings2023-12-3102335951ns5:MotorVehicles2023-12-3102335951ns5:LandBuildings2022-12-3102335951ns5:PlantMachinery2022-12-3102335951ns5:FurnitureFittings2022-12-3102335951ns5:MotorVehicles2022-12-3102335951ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102335951ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102335951ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102335951ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102335951ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3102335951ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3102335951ns5:HirePurchaseContracts2023-12-3102335951ns5:HirePurchaseContracts2022-12-3102335951ns5:Secured2023-12-3102335951ns5:Secured2022-12-3102335951ns10:OrdinaryShareClass12023-12-3102335951ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: 02335951 (England and Wales)





















LANGFORD PERFORMANCE ENGINEERING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






LANGFORD PERFORMANCE ENGINEERING LIMITED (REGISTERED NUMBER: 02335951)

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


LANGFORD PERFORMANCE ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: R J Langford





SECRETARY: Mrs J Langford





REGISTERED OFFICE: 17 Bradfield Close
Finedon Road Industrial Est.
Wellingborough
Northamptonshire
NN8 4RQ





REGISTERED NUMBER: 02335951 (England and Wales)





ACCOUNTANTS: Phipps Henson McAllister
Chartered Accountants
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

LANGFORD PERFORMANCE ENGINEERING LIMITED (REGISTERED NUMBER: 02335951)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 446,562 405,507
446,562 405,507

CURRENT ASSETS
Stocks 433,250 398,250
Debtors 6 204,881 158,524
638,131 556,774
CREDITORS
Amounts falling due within one year 7 246,182 212,740
NET CURRENT ASSETS 391,949 344,034
TOTAL ASSETS LESS CURRENT LIABILITIES 838,511 749,541

CREDITORS
Amounts falling due after more than one
year

8

(45,662

)

-

PROVISIONS FOR LIABILITIES - (3,383 )
NET ASSETS 792,849 746,158

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Revaluation reserve 12 209,249 209,249
Retained earnings 582,600 535,909
SHAREHOLDERS' FUNDS 792,849 746,158

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

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

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

LANGFORD PERFORMANCE ENGINEERING LIMITED (REGISTERED NUMBER: 02335951)

BALANCE SHEET - continued
31 DECEMBER 2023


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

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

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





R J Langford - Director


LANGFORD PERFORMANCE ENGINEERING LIMITED (REGISTERED NUMBER: 02335951)

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


1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

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

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patent fees
Amortisation is provided on Patent fees over its expected useful life of 4 years straight line.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

The freehold property is not being depreciated as in the opinion of the director the residual value of the property is not less than the carrying value.

An annual impairment review is conducted on the freehold property to ensure the carrying value is less than or equal to its residual value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


LANGFORD PERFORMANCE ENGINEERING LIMITED (REGISTERED NUMBER: 02335951)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Government grants
Grants are accounted for under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income,

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

LANGFORD PERFORMANCE ENGINEERING LIMITED (REGISTERED NUMBER: 02335951)

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


4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 18,982
AMORTISATION
At 1 January 2023
and 31 December 2023 18,982
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 385,000 457,518 199,887 29,992 1,072,397
Additions - - - 67,135 67,135
Disposals - - - (29,992 ) (29,992 )
At 31 December 2023 385,000 457,518 199,887 67,135 1,109,540
DEPRECIATION
At 1 January 2023 - 454,107 189,908 22,875 666,890
Charge for year - 682 1,497 16,784 18,963
Eliminated on disposal - - - (22,875 ) (22,875 )
At 31 December 2023 - 454,789 191,405 16,784 662,978
NET BOOK VALUE
At 31 December 2023 385,000 2,729 8,482 50,351 446,562
At 31 December 2022 385,000 3,411 9,979 7,117 405,507

The freehold property was valued on an open market basis by Barford and Co, Chartered Surveyors of St Neots, Cambridgeshire on 1 August 2012. This value has been adopted as the deemed cost of the property.

LANGFORD PERFORMANCE ENGINEERING LIMITED (REGISTERED NUMBER: 02335951)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 198,973 158,524
Other debtors 5,908 -
204,881 158,524

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,522 34,716
Pension fund loan 46,309 46,309
Hire purchase contracts (see note 9) 9,813 -
Trade creditors 31,759 34,023
Corporation tax 15,169 19,374
Social security and other taxes 2,904 2,599
VAT 33,082 28,677
Directors' current accounts 197 9,459
Accruals and deferred income 84,427 37,583
246,182 212,740

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 45,662 -

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 9,813 -
Between one and five years 45,662 -
55,475 -

LANGFORD PERFORMANCE ENGINEERING LIMITED (REGISTERED NUMBER: 02335951)

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


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 22,522 15,886
Bank loans - 18,830
Pension fund loan 46,309 46,309
68,831 81,025

The bank loan and overdraft are secured by a fixed charge over the freehold property and a fixed and floating charge over the remaining assets of the company.

The pension fund loan is secured by a charge over the intellectual property of the company.

11. CALLED UP SHARE CAPITAL

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

12. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 209,249