3 3 Langfords Silver Services Ltd 10171980 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is antiques sales. Digita Accounts Production Advanced 6.30.9574.0 true 10171980 2023-06-01 2024-05-31 10171980 2024-05-31 10171980 core:CurrentFinancialInstruments 2024-05-31 10171980 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10171980 core:OtherPropertyPlantEquipment 2024-05-31 10171980 bus:SmallEntities 2023-06-01 2024-05-31 10171980 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10171980 bus:FilletedAccounts 2023-06-01 2024-05-31 10171980 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10171980 bus:RegisteredOffice 2023-06-01 2024-05-31 10171980 bus:Director1 2023-06-01 2024-05-31 10171980 bus:Director2 2023-06-01 2024-05-31 10171980 bus:Director3 2023-06-01 2024-05-31 10171980 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10171980 bus:Agent1 2023-06-01 2024-05-31 10171980 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 10171980 core:PlantMachinery 2023-06-01 2024-05-31 10171980 countries:EnglandWales 2023-06-01 2024-05-31 10171980 2023-05-31 10171980 core:OtherPropertyPlantEquipment 2023-05-31 10171980 2022-06-01 2023-05-31 10171980 2023-05-31 10171980 core:CurrentFinancialInstruments 2023-05-31 10171980 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10171980 core:OtherPropertyPlantEquipment 2023-05-31 xbrli:pure iso4217:GBP

Registration number: 10171980

Langfords Silver Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Langfords Silver Services Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Langfords Silver Services Ltd

Company Information

Directors

ALB Langford

S Rhodes

JM Langford

Registered office

Vaults 8 And 10
Chancery Lane
London
WC2A 1QS

Accountants

Sterling Grove Accountants Limited
Chartered Certified AccountantsFawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Langfords Silver Services Ltd

(Registration number: 10171980)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

341

278

Current assets

 

Stocks

5

565

565

Debtors

6

33,379

20,530

Cash at bank and in hand

 

7,901

9,292

 

41,845

30,387

Creditors: Amounts falling due within one year

7

(28,935)

(20,482)

Net current assets

 

12,910

9,905

Net assets

 

13,251

10,183

Capital and reserves

 

Called up share capital

10

10

Retained earnings

13,241

10,173

Shareholders' funds

 

13,251

10,183

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 February 2025 and signed on its behalf by:
 

.........................................
S Rhodes
Director

 

Langfords Silver Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Vaults 8 And 10
Chancery Lane
London
WC2A 1QS
England

These financial statements were authorised for issue by the Board on 4 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Langfords Silver Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Langfords Silver Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

415

415

Additions

250

250

At 31 May 2024

665

665

Depreciation

At 1 June 2023

137

137

Charge for the year

187

187

At 31 May 2024

324

324

Carrying amount

At 31 May 2024

341

341

At 31 May 2023

278

278

5

Stocks

2024
£

2023
£

Other inventories

565

565

6

Debtors

Current

2024
£

2023
£

Trade debtors

33,379

16,658

Other debtors

-

3,872

 

33,379

20,530

 

Langfords Silver Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,602

1,067

Taxation and social security

7,129

-

Accruals and deferred income

750

500

Other creditors

18,454

18,915

28,935

20,482