Registered number
02470364
Langbourn Properties Limited
Group Filleted Accounts
30 June 2024
Langbourn Properties Limited
Registered number: 02470364
Directors' Report
The directors present their report and accounts for the year ended 30 June 2024.
Principal activities
The company’s principal activity during the year continued to be property investment. The Group owns a mix of commercial and residential properties, mainly leasehold, and each investment is held by a wholly owned subsidiary company. The commercial investment properties comprise predominantly office and retail accommodation together with bar and restaurant units. The company also owns three residential leases in its own name.
Directors
The following persons served as directors during the year:
N. C. Wiggins
I. R. Campbell
D. D. Brown (resigned 20 February 2023)
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 25 October 2024 and signed on its behalf.
I. R. Campbell
Director
Langbourn Properties Limited
Accountants' Report
Accountants' report to the directors of
Langbourn Properties Limited
You consider that the company is exempt from an audit for the year ended 30 June 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
G J Lowe Limited
Chartered Certified Accountants
Pennyweights
Kenley
Surrey CR8 5HB
25 October 2024
Langbourn Properties Limited
Group Profit and Loss Account
for the year ended 30 June 2024
2024 2023
£ £
Turnover 2,989,204 2,676,823
Cost of sales (582,914) (362,150)
Gross profit 2,406,290 2,314,673
Administrative expenses (871,075) (908,993)
Operating profit 1,535,215 1,405,680
Profit on the disposal of investment property 3,716 983,681
Interest receivable 8,115 5,682
Profit before taxation 1,547,046 2,395,043
Tax on profit (451,380) (279,845)
Profit for the financial year 1,095,666 2,115,198
Langbourn Properties Limited
Registered number: 02470364
Consolidated Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 59,252,620 58,879,522
Current assets
Debtors 4 2,175,295 2,798,169
Cash at bank and in hand 4,437,593 4,231,431
6,612,888 7,029,600
Creditors: amounts falling due within one year 5 (12,187,274) (3,326,554)
Net current (liabilities)/assets (5,574,386) 3,703,046
Total assets less current liabilities 53,678,234 62,582,568
Creditors: amounts falling due after more than one year 6 - (10,000,000)
Net assets 53,678,234 52,582,568
Capital and reserves
Called up share capital 979,521 979,521
Share premium 53,178 53,178
Revaluation reserve 7 8,308,371 8,308,371
Capital redemption reserve 2,726,082 2,726,082
Profit and loss account 41,611,082 40,515,416
Shareholders' funds 53,678,234 52,582,568
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N. C. Wiggins
Director
Approved by the board on 25 October 2024
Langbourn Properties Limited
Registered number: 02470364
Company Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,748,035 6,374,937
Investments 5,117,480 5,117,480
11,865,515 11,492,417
Current assets
Debtors 4 15,673,054 28,778,750
Cash at bank and in hand 532,461 1,746,828
16,205,515 30,525,578
Creditors: amounts falling due within one year 5 12,112,781 (1,849,497)
Net current assets 28,318,296 28,676,081
Net assets 40,183,811 40,168,498
Capital and reserves
Called up share capital 979,521 979,521
Share premium 53,178 53,178
Capital redemption reserve 2,726,082 2,726,082
Profit and loss account 36,425,030 36,409,717
Shareholders' funds 40,183,811 40,168,498
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N. C. Wiggins
Director
Approved by the board on 25 October 2024
Langbourn Properties Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared in compliance with FRS 102 and have been prepared under the historical cost convention except for the investment properties which have been measured at fair value.
Turnover
Turnover represents the value, net of value added tax, of gross rents receivable under operating leases on the property, and is recognisable as it falls due.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on a reducing balance
Fixtures, fittings, tools and equipment 25% on a reducing balance
Investment properties
The investment properties, including freehold and leasehold properties, are valued by the directors. Any surplus or deficit arising is transferred to the revaluation reserve, unless a deficit is expected to be permanent, in which case it is charged to the profit and loss account.

In accordance with SSAP19, no depreciation or amortisation is provided in respect of freehold or leasehold properties having more than 20 years unexpired. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is, in the opinion of the Directors, necessary for the financial statements to give a true and fair view in accordance with applicable accounting standards, as properties are included in the financial statements at their open market value.

The effect of depreciation and amortisation on value is already reflected annually in the valuation of properties, and the amount attributed to this factor by the valuers cannot reasonably be separately identified or quantified. Had the provisions of the Act been followed, net assets would not have been affected but revenue profits would have been reduced for this and earlier years.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Investment Properties Leasehold improvements Fixtures & fittings Total
£ £ £ £
Valuation
At 1 July 2023 58,660,412 95,425 590,453 59,346,290
Additions 379,954 - - 379,954
At 30 June 2024 59,040,366 95,425 590,453 59,726,244
Depreciation
At 1 July 2023 - 95,425 371,343 466,768
Charge for the year - - 6,856 6,856
At 30 June 2024 - 95,425 378,199 473,624
Net book value
At 30 June 2024 59,040,366 - 212,254 59,252,620
At 30 June 2023 58,660,412 - 219,110 58,879,522
The investment properties were valued on a fair value basis as at 30 June 2024 by the directors. Any surplus or deficit arising is transferred to the revaluation reserve, unless a deficit is expected to be permanent, in which case it is charged to the profit and loss account.
The three residential lease additions have been included at cost.
Investment Properties: 2024 2023
£ £
Historical cost 42,994,574 44,858,508
Additions 379,954 (1,863,934)
43,374,528 42,994,574
A blank row
4 Debtors 2024 2023
£ £
Other debtors 2,175,295 2,798,169
5 Creditors: amounts falling due within one year 2024 2023
£ £
Rents in advance 180,987 627,948
Taxation and social security costs 627,662 651,378
Bank loans 10,000,000 -
Other creditors 1,378,625 2,047,228
12,187,274 3,326,554
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 10,000,000
The bank loan of £10m is from Barclays Bank with an original term of 5 years which expires in January 2025 and is secured on the long leasehold known as Butler's Wharf Building at a fixed interest rate of 2.498%
7 Revaluation reserve 2024 2023
£ £
At 1 July 2023 8,308,371 8,308,371
At 30 June 2024 8,308,371 8,308,371
8 Related party transactions
The company has taken advantage of the disclosure exemptions under FRS 101 relating to IAS 24 related party disclosures and does not disclose related party transactions with any wholly owned subsidiaries of the Langbourn Properties Limited group, which would otherwise qualify as related parties.
9 Controlling party
The ultimate parent company is Langbourn Holdings Limited, a company incorporated in England and Wales. Mr N. C. Wiggins, a director of the company controls the company on the basis of holding 96.6% of the issued share capital of the ultimate parent company.
10 Other information
Langbourn Properties Limited is a private company limited by shares and incorporated in England.
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