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COMPANY REGISTRATION NUMBER: 06700190
Langford Interiors Ltd
Filleted Unaudited Abridged Financial Statements
30 September 2024
Langford Interiors Ltd
Abridged Financial Statements
Year ended 30 September 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Langford Interiors Ltd
Abridged Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,204
1,606
Current assets
Stocks
18,000
21,000
Cash at bank and in hand
4,508
5,877
--------
--------
22,508
26,877
Creditors: amounts falling due within one year
173,380
202,134
---------
---------
Net current liabilities
150,872
175,257
---------
---------
Total assets less current liabilities
( 149,668)
( 173,651)
Creditors: amounts falling due after more than one year
6,005
16,653
---------
---------
Net liabilities
( 155,673)
( 190,304)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 155,674)
( 190,305)
---------
---------
Shareholders deficit
( 155,673)
( 190,304)
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Langford Interiors Ltd
Abridged Statement of Financial Position (continued)
30 September 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
Mrs J Sharma
Director
Company registration number: 06700190
Langford Interiors Ltd
Notes to the Abridged Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 220 High Street, Hounslow, Middlesex, TW3 1HB.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vhicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
£
Cost
At 1 October 2023 and 30 September 2024
19,092
--------
Depreciation
At 1 October 2023
17,486
Charge for the year
402
--------
At 30 September 2024
17,888
--------
Carrying amount
At 30 September 2024
1,204
--------
At 30 September 2023
1,606
--------
6. Director's advances, credits and guarantees
At the year end, the company owed Mrs Sharma £124,114 (2023: £134,807) in non-interest bearing loans.
7. Related party transactions
No dividends were paid to the Shareholders or Director during the year.