Company registration number: 02366858
Unaudited financial statements
for the year ended 31 December 2024
for
Langley Abbey Estates Limited
Pages for filing with the Registrar
Company registration number: 02366858
Langley Abbey Estates Limited
Balance sheet
as at 31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 2,005,038 2,059,975
Investment property 5 892,108 863,108
2,897,146 2,923,083
Current assets
Debtors 980,675 612,156
Cash at bank and in hand 87,406 52,465
1,068,081 664,621
Creditors: amounts falling due within one
year 		(583,037) (356,142)
Net current assets 485,044 308,479
Total assets less current liabilities 3,382,190 3,231,562
Creditors: Amounts falling due after more
than one year 		(1,899,791) (1,787,384)
Provisions for liabilities (229,319) (228,931)
NET ASSETS 1,253,080 1,215,247
Capital and reserves
Called up share capital 214,067 214,067
Share premium account 212,555 212,555
Revaluation reserve 74,666 74,666
Profit and loss account 751,792 713,959
TOTAL EQUITY 1,253,080 1,215,247
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2024.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 02366858
Langley Abbey Estates Limited
Balance sheet - continued
as at 31 December 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 23 September 2025 and signed on its behalf by:
Mr C Townsend, Director
23 September 2025
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Langley Abbey Estates Limited
Notes to the financial statements
for the year ended 31 December 2024
1 Company information
Langley Abbey Estates Limited is a private company registered in England and Wales. Its registered number is 02366858. The company is limited by shares. Its registered office is Langley Abbey, Langley Green, Norwich, Norfolk, NR14 6DG.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Freehold & leasehold buildings, Leasehold
imrpovements 		- Freehold & leasehold buildings - 2% straight line
Leasehold improvements - 10% straight line
Plant and machinery etc.:
Tractors, plant, machinery, motor vehicles,
computers, office furniture 		- Tractors, plant - 20% reducing balance
Motor vehicles - 25% straight line
Computers - 33% straight line
Office furniture - 15% reducing balance
Investment property
Investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
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Langley Abbey Estates Limited
Notes to the financial statements - continued
for the year ended 31 December 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 9 (2023 - 9).
4 Tangible fixed assets
Land and
buildings 		Plant and
machinery
etc. 		Totals
£ £ £
Cost
At 1 January 2024 1,920,707 210,872 2,131,579
Additions 6,892 - 6,892
Disposals - (3,410) (3,410)
At 31 December 2024 1,927,599 207,462 2,135,061
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Langley Abbey Estates Limited
Notes to the financial statements - continued
for the year ended 31 December 2024
4 Tangible fixed assets - continued
Depreciation
At 1 January 2024 27,883 43,721 71,604
Charge for year 23,231 35,529 58,760
Charge written back - (341) (341)
At 31 December 2024 51,114 78,909 130,023
Net book value
At 31 December 2024 1,876,485 128,553 2,005,038
At 31 December 2023 1,892,824 167,151 2,059,975
5 Investment property
£
Valuation
At 1 January 2024 863,108
Disposals -
Revaluations 29,000
At 31 December 2024 892,108
6 Related party transactions
The company is Parent company to 100% owned trading subsidiary company. It is a small company, so
is exempt from disclosure of related party transactions made in the normal course of business with its
subsidiary companies that are not significant. The company leased 561 acres of land and buildings for
£96,000 (£96,000 in 2023) from two separate connected parties (Mr and Mrs Townsend and
Langley Abbey Estates Pension Fund). Part of this lease arrangement includes ten acres of land,
buildings and ancient monument that have been treated as a finance lease with part of the rent
reclassified as interest as required by FRS 102. The company recharged £500,000 (£400,000 in 2023)
of general central services to Feedmark Ltd plus certain specific central services for rent, maintenance,
advertising, marketing, quality control, and product testing.
Principle activities
The company is the Parent company for a small group of companies and provides services to all group
companies. The company's principle activity during the year continued to be farm, along with it's other
activities of operating a stud farm and polo club.
7 Guarantees and other financial commitments
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Langley Abbey Estates Limited
Notes to the financial statements - continued
for the year ended 31 December 2024
7 Guarantees and other financial commitments - continued
Langley Abbey Estates Limited has a secured bank loan with Barclays Bank PLC for £250,000 by
personal guarantee from Mr C J W Townsend plus a charge over freehold land and buildng owned by
the company and certain other properties owned by Mr C J W Townsend. The covid bounce back loan
is guaranteed by the UK government.
The Barclays loan has an interest rate of 3% over Barclays base rate with the added condition that the
combined rate can never be less than 3%.
The two remaining operating leases that the company has executed with connected parties for 546
acres of arable land (excludes the deemed financial lease for 10 acres of land and buildings) cannot be
unilaterally cancelled by the company, but they are both capable of being cancelled by agreement
between the parties. The company has a 10 year business plan that is based on continuing these
leases on the current terms and so the minimum cost of these operating leases for 10 years has been
disclosed in these accounts.
8 Central Services
The Company provides and manages funds for all group companies through a central treasury; the cost
of this and other centrally provided services is recharged to the relevant group company. Bank loan and
overdraft interest. The cost of specific central services is recharged to the relevant group company. The
cost of general central services is recharged in proportion to turnover. Amounts owed by group
companies are repayable on demand.
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Langley Abbey Estates Limited
Notes to the financial statements - continued
for the year ended 31 December 2024
9 Post Balance Sheet Event & Other Notes
Fixed Assets - Continued:
The company is leasing 556 acres of agricultural land and buildings from two separate connected
parties. These leases commended in 2001 and expected to continue for at least the next 10 years. In
addition to barns, a potato store and other agricultural buildings, the buildings being leased by the
company included the scheduled ancient monument of Langley Abbey. When these leases commended
in 2001 all of the buildings comprising the ancient monument were designated as agricultural buildings.
This principal surviving building of the 13th century premonestarian Abbey contained obsolete,
unusable 19th century agricultural grain silos and machinery. Most of the buildings that comprised the
ancient monument were on the English Heritage "at risk" register in 2001. The company commended a
renovation programme in 2003 and by this year end only one of the buildings comprising the ancient
monument remaining in its original 2001 condition and on the "at risk" register. The company has spent
£1.3 million on its building renovation programme since 2003, part funded by grants from English
Heritage, the Environmental Stewardship Higher Level Scheme and EEDA.
The connected party that owned the buildings being leased by the company entered into an agreement
with the company in September 2007 that was designed to protect the company's investment in
leasehold buildings. Under the terms of this agreement if the landlord decided to sell all or part of the
land & buildings that were subject of the lease, the landlord granted the company the right of first
refusal to purchase all or part of the land and buildings, with the buildings being valued in their original
2001 condition without the benefit of any leasehold improvements made by the company. The directors
consider that the cash generating capacity of the business units that utilise these assets together with
this agreement prevent the company's investment in leasehold buildings and improvements from be
considered to be impaired.
The directors also consider that the terms of the September 2007 agreement mean that the 10 acres of
land and all the buildings that have been part of the renovation programme should be regard as being
leased under a financial lease since the company will share significantly in the reward of ownership.
The company bears all costs relating to the leasehold property so incurs all costs of ownership.
At each balance sheet date the company review the carrying amount of its tangible fixed assets to
determine whether there is any indication that any items have suffered an impairment loss. If any such
indication exists the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss. Where it is not possible to estimate the recoverable amount of the asset the company
estimates the recoverable amount of the cash generating unit to which the asset belongs.
Included in land and buildings is a capitalised finance lease and leasehold improvements for ten acres
of land and buildings.
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