Company No: 06880415 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr B W Griffith
	Mr D V Griffith

REGISTERED OFFICE	Centenary House Peninsula Park
	Rydon Lane
	Exeter
	EX2 7XE
	United Kingdom

COMPANY NUMBER

06880415 (England and Wales)

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

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	2,800,559		2,843,370
		2,800,559		2,843,370
Current assets
Stocks		2,000		2,000
Debtors	4	123,374		154,386
Cash at bank and in hand		58,917		123,186
		184,291		279,572
Creditors
Amounts falling due within one year	5	( 1,103,603)		( 393,031)
Net current liabilities		(919,312)		(113,459)
Total assets less current liabilities		1,881,247		2,729,911
Creditors
Amounts falling due after more than one year	6	( 191,231)		( 881,472)
Provision for liabilities		( 244,800)		( 237,000)
Net assets		1,445,216		1,611,439
Capital and reserves
Called-up share capital	7	100		100
Revaluation reserve		811,105		948,657
Profit and loss account		634,011		662,682
Total shareholder's funds		1,445,216		1,611,439

For the financial year ending 31 March 2022 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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Langford Park Limited (registered number: 06880415) were approved and authorised for issue by the Board of Directors on 29 November 2022. They were signed on its behalf by:

Mr B W Griffith Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Langford Park Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom and it's principal place of business is: Langford Park, Langford Road, Exeter, Devon, EX5 5AG.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

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 returns, rebates and discounts and after eliminating sales within the company.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings	33 years straight line
Plant and machinery	4 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Government grants

Government grants are recognised in other income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. During the year, the company received the following income from the government:

Local Authority Grants to cover COVID exceptional costs - None (2021: £131,155)
DCC Grants and Infection Controls - £56,989 (2021: £83,409)
COVID Bounceback Loan interest grant - £208 (2021: £1,042)

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.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	56		59

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 April 2021	2,914,600		139,251		9,800		58,079		3,121,730
Additions	1,568		9,154		0		7,426		18,148
Revaluations	63,832		0		0		0		63,832
Disposals	0		( 5,452)		0		0		( 5,452)
At 31 March 2022	2,980,000		142,953		9,800		65,505		3,198,258
Accumulated depreciation
At 01 April 2021	173,558		76,526		6,700		21,576		278,360
Charge for the financial year	89,400		25,766		775		8,850		124,791
Disposals	0		( 5,452)		0		0		( 5,452)
At 31 March 2022	262,958		96,840		7,475		30,426		397,699
Net book value
At 31 March 2022	2,717,042		46,113		2,325		35,079		2,800,559
At 31 March 2021	2,741,042		62,725		3,100		36,503		2,843,370

Revaluation of tangible assets

Freehold property was valued on 13 May 2021 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 arms length terms for similar properties

4. Debtors

	2022		2021
	£		£
Trade debtors	39,602		50,160
Amounts owed by Group undertakings	0		53,664
Other debtors	83,772		50,562
	123,374		154,386

5. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	108,471		105,511
Trade creditors	120,229		126,697
Amounts owed to Group undertakings	148,482		0
Amounts owed to directors	575,002		0
Accruals and deferred income	73,189		65,099
Corporation tax	3,459		6,794
Other taxation and social security	30,753		15,371
Obligations under finance leases and hire purchase contracts	4,152		5,763
Other creditors	39,866		67,796
	1,103,603		393,031

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

	2022		2021
	£		£
Bank loans	177,045		281,812
Obligations under finance leases and hire purchase contracts	14,186		14,186
Other creditors	0		585,474
	191,231		881,472

Hire purchase agreements are secured over the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2022		2021
	£		£
Bank loans (secured)	17,593		23,148

The bank borrowings are secured by means of a fixed and floating charge over the company.

7. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Ultimate controlling party

Parent Company:

Vision (UK) Limited

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE