Company Registration Number 01593319 (England and Wales)
LANGUARD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
LANGUARD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
LANGUARD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
491,317
576,434
Investment properties
4
385,000
385,000
876,317
961,434
Current assets
Stocks
81,826
134,260
Debtors
5
594,541
803,200
Cash at bank and in hand
434,185
49,484
1,110,552
986,944
Creditors: amounts falling due within one year
6
(663,574)
(698,708)
Net current assets
446,978
288,236
Total assets less current liabilities
1,323,295
1,249,670
Creditors: amounts falling due after more than one year
7
(177,200)
(253,178)
Provisions for liabilities
(90,345)
(99,426)
Net assets
1,055,750
897,066
Capital and reserves
Called up share capital
10
51,000
51,000
Share premium account
12
48,000
48,000
Revaluation reserve
11
85,000
85,000
Capital redemption reserve
13
51
51
Profit and loss reserves
15
871,699
713,015
Total equity
1,055,750
897,066
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
LANGUARD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
Mr WS Kay
Director
Company Registration No. 01593319
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Languard Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pack's Hill Farm, Station Road, Husbands Bosworth, Lutterworth, Leicestershire, UK, LE17 6JN.
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 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.
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:
Short leasehold
10% on cost
Plant and machinery
25% on reducing balance
Motor vehicles
25% on reducing balance
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.
1.4
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
48
37
3
Tangible fixed assets
Short leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
5,000
706,777
1,364,021
2,075,798
Additions
7,289
68,792
76,081
Disposals
(45,824)
(45,824)
At 31 December 2024
5,000
714,066
1,386,989
2,106,055
Depreciation and impairment
At 1 January 2024
5,000
589,561
904,803
1,499,364
Depreciation charged in the year
30,040
122,885
152,925
Eliminated in respect of disposals
(37,551)
(37,551)
At 31 December 2024
5,000
619,601
990,137
1,614,738
Carrying amount
At 31 December 2024
94,465
396,852
491,317
At 31 December 2023
117,216
459,218
576,434
4
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
385,000
Investment property comprises one freehold property let under an assured shorthold tenancy.
The Investment property was valued at £385,000 at the comparative year end by the directors using the latest professional valuation that was carried out in May 2024 by E A Lane & Sons Independent Chartered Valuers & Surveyors. The directors estimate that there has been no material change in the value of the property as at the reporting date based on open market conditions.
Fair value at 31 December 2024 is represented by:
Valuation in 2016
20,000
Valuation in 2019
30,000
Valuation in 2023
35,000
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Investment property
(Continued)
- 6 -
Cost
300,000
385,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
254,222
390,364
Corporation tax recoverable
-
2,481
Directors' current accounts
212,219
225,821
Other debtors
34,261
34,461
Prepayments
28,255
26,833
528,957
679,960
2024
2023
Amounts falling due after more than one year:
£
£
S.455 tax repayable
65,584
65,584
Deferred tax asset
57,656
65,584
123,240
Total debtors
594,541
803,200
Where advances have been made on specific trade debtors, these have been assigned to a debt factor.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
17,169
17,632
Trade creditors
115,711
74,593
Hire purchase contracts
155,455
162,167
Corporation tax
9,751
Social security and other taxes
215,864
201,143
Other creditors
38,741
107,230
Accruals and deferred income
120,634
126,192
663,574
698,708
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans 1-2 years
18,200
17,169
Bank loans - 2-5 years
2,651
20,851
Hire purchase contracts
156,349
215,158
177,200
253,178
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
38,020
55,652
Hire purchase contracts
311,804
377,325
Cash advanced on factored debt
578
69,492
350,402
502,469
Cash advanced on factored debt is secured by way of a debenture over the assets of the Company.
Bank loans and overdrafts are secured by fixed and floating charges over the assets of the Company.
9
Bounce Back Loan
The Bank Loan is a Bounce Back Loan for a period of six years at interest rate of 2.5% per annum which is fixed for the duration of the loan. During the first twelve months no repayment of capital is required and the UK Government will pay the interest due. Capital repayments have commenced in equal instalments from April 2022 and no amount is payable more than five years from the balance sheet date.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
51,000
51,000
51,000
51,000
LANGUARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
85,000
50,000
Revaluation surplus arising in the year
35,000
At the end of the year
85,000
85,000
12
Share premium account
2024
2023
£
£
At the beginning and end of the year
48,000
48,000
13
Capital redemption reserve
2024
2023
£
£
At the beginning and end of the year
51
51
14
Other financial commitments
The Company rents various premises in different locations throughout England, two of these properties are occupied under formal lease agreements. The remaining rented properties are occupied under informal extensions of previous leases and do not confer any contractual obligations upon the Company.
In addition the Company also rents equipment under an operating lease.
At the balance sheets date the Company had annual commitments of £nil (2023: £743) and total future commitments of £nil (2023: £nil) under the terms of the leases.
15
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
713,015
844,323
Profit/(loss) for the year
158,684
(130,196)
Dividends declared and paid in the year
-
(1,112)
At the end of the year
871,699
713,015
16
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year the company paid rent of £24,000 to Languard Directors' Pension Fund (2023: £24,000)
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