Company registration number 04796292 (England and Wales)
LANGTREE ESTATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LANGTREE ESTATES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
The following pages do not form part of the statutory financial statements
LANGTREE ESTATES LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
973,570
973,570
Current assets
Debtors
5
4,337
4,627
Cash at bank and in hand
2,010
12,426
6,347
17,053
Creditors: amounts falling due within one year
6
(361,922)
(217,952)
Net current liabilities
(355,575)
(200,899)
Total assets less current liabilities
617,995
772,671
Creditors: amounts falling due after more than one year
7
(621,759)
(758,259)
Net (liabilities)/assets
(3,764)
14,412
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(3,864)
14,312
Total equity
(3,764)
14,412
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 30 April 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 10 February 2025
Mr J A Langtree
Director
Company registration number 04796292 (England and Wales)
LANGTREE ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Langtree Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents receivable.
1.3
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:
Freehold and long leasehold properties
see below
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
FRS102 requires that investment property whose fair value can be measured reliably without undue cost or effort and on an on-going basis be measured at fair value in accordance with section 16 of FRS 102. All other investment property is to be accounted for as property, plant and equipment in accordance with Section 17 of FRS 102.
The director considers that to measure investment property held by the company at fair value on an on-going basis would involve undue cost and that to account for such properties as property, plant and equipment with depreciation applied would not correctly reflect the nature of property held in a good state of repair. Investment properties are therefore continued to be stated at cost.
1.4
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.
LANGTREE ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.
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
4
Tangible fixed assets
Freehold and long leasehold properties
£
Cost
At 1 May 2023 and 30 April 2024
973,570
Depreciation and impairment
At 1 May 2023 and 30 April 2024
Carrying amount
At 30 April 2024
973,570
At 30 April 2023
973,570
LANGTREE ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,000
2,000
Prepayments and accrued income
2,337
2,627
4,337
4,627
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
136,500
Other creditors
219,845
213,167
Accruals and deferred income
5,577
4,785
361,922
217,952
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
621,759
758,259
The bank loans are secured by a legal charge over the properties held by the company.
Included within creditors: amounts falling due after more than one year is an amount of £758,259 (2023:£758,259) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Related party transaction
The directors loan account of £154,370 (2023: £154,908 ) set out in creditors above is unsecured, repayable on demand and currently interest free.
The company is under common control with Langtree Property Services Limited. Included in other creditors is a loan of £65,475 (2023: £58,259) due to Langtree Property Services Limited. This loan is unsecured, repayable on demand and currently interest free.
LANGTREE ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
10
Going concern
The director has confirmed that he will provide adequate working capital to enable the company to continue trading until at least 28 February 2026. Consequently, the accounts have been prepared on a going concern basis.