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REGISTERED NUMBER: SC277530 (Scotland)











































Langlands Farrier Services Limited

Unaudited Financial Statements

for the Year Ended 31st December 2023






Langlands Farrier Services Limited (Registered number: SC277530)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


Langlands Farrier Services Limited

Company Information
for the year ended 31st December 2023







Director: S A Shiel





Secretary: Mrs B L Shiel





Registered office: Glenyre
Main Road
Newtown St Boswells
Melrose
Roxburghshire
TD6 0RY





Registered number: SC277530 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Langlands Farrier Services Limited (Registered number: SC277530)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 5,048 5,600

Current assets
Stocks 650 500
Debtors 5 33,586 20,692
Cash at bank and in hand 4,614 3,971
38,850 25,163
Creditors
Amounts falling due within one year 6 12,740 12,092
Net current assets 26,110 13,071
Total assets less current liabilities 31,158 18,671

Creditors
Amounts falling due after more than one
year

7

(5,719

)

(8,729

)

Provisions for liabilities (834 ) (1,064 )
Net assets 24,605 8,878

Capital and reserves
Called up share capital 1 1
Retained earnings 24,604 8,877
24,605 8,878

Langlands Farrier Services Limited (Registered number: SC277530)

Balance Sheet - continued
31st December 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

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 income and retained earnings has not been delivered.

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





S A Shiel - Director


Langlands Farrier Services Limited (Registered number: SC277530)

Notes to the Financial Statements
for the year ended 31st December 2023

1. Statutory information

Langlands Farrier Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of farrier services is recognised as contract activity progresses and the right to consideration is earned.

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

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

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

Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, accruals, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.


Langlands Farrier Services Limited (Registered number: SC277530)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern
The director has considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and has an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 2 (2022 - 1 ) .

Langlands Farrier Services Limited (Registered number: SC277530)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

4. Tangible fixed assets
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1st January 2023 - 720 10,915 2,532 14,167
Additions 800 - - - 800
At 31st December 2023 800 720 10,915 2,532 14,967
Depreciation
At 1st January 2023 - 720 6,122 1,725 8,567
Charge for year - - 719 633 1,352
At 31st December 2023 - 720 6,841 2,358 9,919
Net book value
At 31st December 2023 800 - 4,074 174 5,048
At 31st December 2022 - - 4,793 807 5,600

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 6,750 2,207
Other debtors 26,836 18,485
33,586 20,692

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 3,011 2,936
Taxation and social security 8,729 8,156
Other creditors 1,000 1,000
12,740 12,092

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 5,719 8,729

Langlands Farrier Services Limited (Registered number: SC277530)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

8. Director's advances, credits and guarantees

The following advances and credits to the director subsisted during the years ended 31st December 2023 and 31st December 2022:
20232022
Director
Balance outstanding at start of year17,9627,120
Amounts advanced41,44740,303
Amount repaid(33,108)(29,461)
26,30117,962

This loan is unsecured, repayable on demand and interest has been charged at the official rates published by HMRC.

9. Post balance sheet events

Since the year end, on 24th September 2024, an interim dividend for the year ending 31st December 2024 of £26,500 per share has been declared.