REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
FOR |
LANGDOWNS DFK LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
FOR |
LANGDOWNS DFK LIMITED |
LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LANGDOWNS DFK LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium |
Capital redemption reserve |
Merger reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654) |
BALANCE SHEET - continued |
31ST MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Langdowns DFK Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Langdowns DFK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. |
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. |
Goodwill |
The Companies Act 2006, and Financial Reporting Standard (FRS) 102 1A require goodwill to be written off over a finite period. FRS 102 1A goes on to say that this finite period should not be longer than 10 years unless a reliable estimate can be made it is longer than this. It also states that the depreciable amount over the period is the value of the asset, less it's residual value, spread over that period. |
FRS 102 1A states that the residual value to use for this purpose should be zero unless there is an active market for the asset. |
However, the Directors believe that following this policy would not give a true and fair view of the financial statements for the company, on the grounds that : |
a) The goodwill of the business from the commencement of trading of the company clearly has a much longer life than merely 10 years; |
b) A standard formulaic approach has been adopted under an annual impairment review basis by the Board to gain comfort this asset is at least as valuable as when initially introduced; |
c) Whilst not perhaps strictly meeting the prescriptive definition of "residual value" under the FRS, it would be clearly inappropriate in the view of the Board to treat this as being zero. |
d) Whilst also not meeting the prescriptive definition of "active market" under the FRS, the Board have experienced many examples in the open market place to believe the asset is valued at no less than the carrying value currently shown in the financial statements. |
Therefore, the Directors do not feel it is appropriate to amortise the goodwill acquired by the Company on commencement of trade, being £1,411,355, and so have departed from this requirement under FRS 102 1A in order to give a true and fair view. |
If the departure had not been made the profit and loss for the financial year would be unaffected as the goodwill in question would have been fully amortised had a rate of 10% per annum been applied. |
All additional goodwill purchased subsequent to the commencement of trading of the company has been written off over it's estimated useful life in accordance with the accounting standards. |
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. |
LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
All fixed assets are initially recorded at cost. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 period 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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Debtors and creditors receivable / payable within one year |
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 income statement in administrative expenses. |
Work in progress is valued at charge rate less a provision for known irrecoverable time. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st May 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st May 2023 |
Amortisation for period |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 30th April 2023 |
6. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 30th April 2023 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1st May 2023 |
and 31st March 2024 | 1,267 |
NET BOOK VALUE |
At 31st March 2024 | 1,267 |
At 30th April 2023 | 1,267 |
LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loan | 7,255 | 46,208 |
Included in bank loans is a bank loan with a fixed and floating charge over the assets of the company. The capital outstanding on this loan at the year end amounted to £7,255 (2023: £46,208). Also included in bank loans is an unsecured bounce back loan which has a government-backed guarantee against the outstanding facility balance. At the year end the capital outstanding on this loan amounted to £25,887 (2023: £34,167). |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary "A" | 1 | 151,309 | 151,309 |
Ordinary "B" | 1 | 151,309 | 151,309 |
302,618 | 302,618 |
13. | OTHER FINANCIAL COMMITMENTS |
Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £72,622 (2023: £118,391).This amount is in relation to operating lease commitments which are payable over the next 1 to 3 years. |
The company has provided a financial guarantee on a property loan owed to a financial institution by a company controlled by the directors of Langdowns DFK Limited. At the year end the debts guaranteed by this company amounted to £956,272 (2023: £1,020,061). |
LANGDOWNS DFK LIMITED (REGISTERED NUMBER: 06014654) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
14. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions. |