Langford Park Limited - Period Ending 2020-03-31

Langford Park Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Langford Park Limited

Company Information

Directors

B Griffith D V Griffith

Registered office

Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Langford Park Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	2,821,225	2,898,816
Current assets
Stocks		2,000	2,000
Debtors	5	272,732	175,836
Cash at bank and in hand		41,016	6,437
		315,748	184,273
Creditors: Amounts falling due within one year	6	(431,809)	(594,271)
Net current liabilities		(116,061)	(409,998)
Total assets less current liabilities		2,705,164	2,488,818
Creditors: Amounts falling due after more than one year	6	(881,968)	(433,174)
Provisions for liabilities		(217,000)	(216,906)
Net assets		1,606,196	1,838,738
Capital and reserves
Called up share capital	8	100	100
Revaluation reserve		948,657	948,657
Profit and loss account		657,439	889,981
Total equity		1,606,196	1,838,738

Langford Park Limited

Balance Sheet

31 March 2020

For the financial year ending 31 March 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 March 2021 and signed on its behalf by:
 

......................................... B Griffith Director

Company Registration Number: 06880415

Langford Park Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

The principal place of business is:
Langford Park
Langford Road
Exeter
Devon
EX5 5AG

These financial statements were authorised for issue by the Board on 2 March 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

COVID-19

The directors of Langford Park Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Langford Park Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	3% reducing balance
Fixtures and fittings	20% reducing balance
Motor vehicles	25% reducing balance
Plant and equipment	25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. The cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Langford Park Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 46 (2019 - 46).

Langford Park Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

Freehold property was valued on 4 October by Knight Frank, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been as follows:

As at year ended 31 March 2019
Cost £2,195,835
Accumulated depreciation (£557,861)
Carrying value £1,638,154

As at year ended 31 March 20120
Cost £2,195,835
Accumulated depreciation (£592,997)
Carrying value £1,602,838

5

Debtors

	2020 £	2019 £
Trade debtors	48,116	34,229
Amounts due from group undertakings	128,411	117,928
Other debtors	-	6,022
Prepayments	96,205	17,657
	272,732	175,836

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	7	160,604	248,393
Trade creditors		132,529	150,057
Corporation tax		27,679	56,392
Social security and other taxes		34,487	57,472
Outstanding defined contribution pension costs		2,663	1,391
Other creditors		14,710	37,797
Accrued expenses		59,137	42,769
		431,809	594,271

Langford Park Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	881,968	433,174

A loan of £541,299 (2019: £127,000) is guaranteed by both of the directors.

7	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	337,323	429,084
HP and finance lease liabilities	1,611	4,090
Other borrowings	543,034	-
	881,968	433,174

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	91,760	119,193
Other borrowings	66,432	127,000
HP and finance lease liabilities	2,412	2,200
	160,604	248,393

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Langford Park Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2020

9

Reserves

Non-distributable reserves as at 31 March 2019

Revaluation surplus £1,171,181
Deferred tax on revaluation of tangible fixed assets (£222,524)
Non-distributable reserves £948,657

Non-distributable reserves as at 31 March 2020

Revaluation surplus £1,171,181
Deferred tax on revaluation of tangible fixed assets (£222,524)
Depreciation on revaluation surplus (£35,136)
Non-distributable reserves £913,521

10	Related party transactions

Summary of transactions with key management

The company has a loan from the director, D V Griffith. At the year end, the balance due from the company was £541,299 (2019: £127,000). The loan is repayable by 5 July 2022. Interest is charged to the company at 0.9% per month and 10% fees are charged on each loan advance made by the director to the company. During the year, interest of £3,627 was charged to the company along with £42,100 of loan advance fees.
 

11	Non adjusting events after the financial period

The losses for the year were primarily caused by an 'inadequate' CQC rating. We are pleased to say that after the year end our CQC rating has risen back to 'Good' and the company is once again showing a healthy profit.