Langley Business Systems (Retail) Limited Filleted accounts for Companies House (small and micro)

LANGLEY BUSINESS SYSTEMS (RETAIL) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03090463

Langley Business Systems (Retail) Limited

Filleted Unaudited Abridged Financial Statements

30 September 2019

Langley Business Systems (Retail) Limited

Abridged Statement of Financial Position

30 September 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		270,582	239,472

Current assets

Stocks	45,595	60,032
Debtors	93,801	59,350
Cash at bank and in hand	100,970	67,334
	---------	---------
	240,366	186,716

Creditors: amounts falling due within one year	221,247		148,508
	---------		---------
Net current assets		19,119	38,208
		---------	---------
Total assets less current liabilities		289,701	277,680

Creditors: amounts falling due after more than one year	6	76,137	89,732
		---------	---------
Net assets		213,564	187,948
		---------	---------

Capital and reserves

Called up share capital	714	714
Revaluation reserve	46,954	46,954
Profit and loss account	165,896	140,280
	---------	---------
Shareholders funds	213,564	187,948
	---------	---------

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 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 comprehensive income has not been delivered.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 2019 in accordance with Section 444(2A) of the Companies Act 2006.

Langley Business Systems (Retail) Limited

Abridged Statement of Financial Position (continued)

30 September 2019

These abridged financial statements were approved by the board of directors and authorised for issue on 11 February 2020 , and are signed on behalf of the board by:

Mr R.D. Cox

Director

Company registration number: 03090463

Langley Business Systems (Retail) Limited

Notes to the Abridged Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Langley House, Brandon Way, West Bromwich, West Midlands.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (A) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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:

Long Leasehold Property	-	50 years
Rental Machines	-	4 years
Fixtures, Fittings & Equipment	-	7 years
Motor Vehicles	-	4 years

Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2018: 12 ).

5. Tangible assets

	£
Cost
At 1 October 2018	364,017
Additions	98,998
Disposals	( 39,870)
	---------
At 30 September 2019	423,145
	---------
Depreciation
At 1 October 2018	124,545
Charge for the year	49,023
Disposals	( 21,005)
	---------
At 30 September 2019	152,563
	---------
Carrying amount
At 30 September 2019	270,582
	---------
At 30 September 2018	239,472
	---------

6. Creditors: amounts falling due after more than one year

Included within creditors: amounts falling due after more than one year is an amount of £6,553 (2018: £20,448) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

7. Directors' advances, credits and guarantees

The director made loans to the company during the year. The loans are interest free and repayable on demand. The balance outstanding as at 30th September 2019 was £902 (2018 £506).