Langley Homes Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08945259 (England and Wales)

LANGLEY HOMES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Graves

N R Burton

REGISTERED OFFICE:

Unit 1A

Beechings Way Industrial Estate

Alford

Lincolnshire

LN13 9JE

REGISTERED NUMBER:

08945259 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

27-29 Lumley Avenue

Skegness

Lincolnshire

PE25 2AT

BANKERS:

Lloyds Bank

24 Mercer Row

Louth

Lincolnshire

LN11 9JH

FIXED ASSETS

Tangible assets

4

394,405

454,405

CURRENT ASSETS

Stocks

400,480

310,997

Debtors

5

77,053

53,724

Cash at bank

13,713

95,468

491,246

460,189

CREDITORS

Amounts falling due within one year

6

872,339

831,746

NET CURRENT LIABILITIES

(381,093

)

(371,557

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,312

82,848

PROVISIONS FOR LIABILITIES

9,686

20,488

NET ASSETS

3,626

62,360

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,526

62,260

3,626

62,360

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 26 March 2021 and were signed on its behalf by:

J Graves - Director

N R Burton - Director

1.	STATUTORY INFORMATION

Langley Homes Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 historical cost convention.

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.

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and Straight line over 15 years

Investment property

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 have been enacted or substantively enacted by the year end 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

532,427

DEPRECIATION

At 1 April 2019

78,022

Charge for year

60,000

At 31 March 2020

138,022

NET BOOK VALUE

At 31 March 2020

394,405

At 31 March 2019

454,405

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

77,053

53,724

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

5,412

46,660

Taxation and social security

164

206

Other creditors

866,763

784,880

872,339

831,746