Company registration number 07223242 (England and Wales)
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
51,913
25,171
Current assets
Stocks
3,600
2,100
Debtors
5
84,617
31,682
Cash at bank and in hand
9,635
63,313
97,852
97,095
Creditors: amounts falling due within one year
6
(66,947)
(50,487)
Net current assets
30,905
46,608
Total assets less current liabilities
82,818
71,779
Creditors: amounts falling due after more than one year
7
(53,168)
(66,695)
Net assets
29,650
5,084
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
29,550
4,984
Total equity
29,650
5,084
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 September 2024
Mr G Langley
Director
Company registration number 07223242 (England and Wales)
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Langbury Limited is a private company limited by shares incorporated in England and Wales. The registered office is 102 Bowen Court, St Asaph Business Park, St Asaph, Denbighshire, LL17 0JE.
1.1
Accounting convention
These financial statements for the year ended 31 May 2024 are the first financial statements of Langbury Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The Directors have reviewed the company's forecasts and projections and, in particular, have considered the impact of COVID-19. Whilst the eventual impact of the pandemic on the company, and on the overall economy remains uncertain, the Directors are confident that the company will be able to remain operational throughout the pandemic. However, it has inevitably had to scale back operation. With the benefit of the government support packagestrue and continued financial support from the Directors, the Directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore, continues to adopt the going concern basis in preparing financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33% straight line
Motor vehicles
20% reducing balance
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
13
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Other assets
Total
£
£
£
£
£
£
£
Cost
At 1 June 2023
29,223
4,412
161,377
4,450
199,462
Additions
5,379
1,100
1,259
20,000
5,000
32,738
At 31 May 2024
29,223
9,791
162,477
5,709
20,000
5,000
232,200
Depreciation and impairment
At 1 June 2023
29,222
1,771
139,244
4,055
174,292
Depreciation charged in the year
1,079
3,287
629
1,000
5,995
At 31 May 2024
29,222
2,850
142,531
4,684
1,000
180,287
Carrying amount
At 31 May 2024
1
6,941
19,946
1,025
19,000
5,000
51,913
At 31 May 2023
1
2,641
22,134
395
25,171
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,000
6,000
Corporation tax recoverable
18,072
Other debtors
61,794
25,682
Prepayments and accrued income
2,751
84,617
31,682
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,624
7,442
Other borrowings
7,806
6,969
Trade creditors
16,054
13,191
Corporation tax
19,100
4,860
Other taxation and social security
16,882
16,349
Other creditors
331
1,526
Accruals and deferred income
150
150
66,947
50,487
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
27,683
34,241
Other borrowings
25,485
32,454
53,168
66,695
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
4,164
9
Related party transactions
The premises from which the company operates is owned by one of the Shareholders' pension schemes. The rent of £16,000 per annum, is the market rate and during the COVID 19 Pandemic the terms of payment of rent have been varied to support the business. At the year end 31 May 2024, £12,000.00 was owed to this Shareholders' pension scheme.
10
Directors' transactions
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
The balance of the Directors' Loan Account, shown in the table below, was cleared within nine months of the year end.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
LANGBURY LIMITED
T/AS BONKERS FUN CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
10
Directors' transactions
(Continued)
- 8 -
2.00
21,916
63,242
237
(31,849)
53,546
21,916
63,242
237
(31,849)
53,546