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 2021

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

342,328

394,405

CURRENT ASSETS

Stocks

-

400,480

Debtors

5

97,453

77,053

Cash at bank

9,320

13,713

106,773

491,246

CREDITORS

Amounts falling due within one year

6

252,049

872,339

NET CURRENT LIABILITIES

(145,276

)

(381,093

)

TOTAL ASSETS LESS CURRENT LIABILITIES

197,052

13,312

CREDITORS

Amounts falling due after more than one year

7

(41,667

)

-

PROVISIONS FOR LIABILITIES

(36,642

)

(9,686

)

NET ASSETS

118,743

3,626

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

118,643

3,526

118,743

3,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 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

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.

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 Income Statement, 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.

Going concern

Following the impact of COVID-19, the financial statements have been prepared on a going concern basis, on the following justifications:

a) The directors and shareholders intend to financially support the company through this uncertain time;

b) The company has received a loan through the government backed Coronavirus Bounce Back Loan

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

532,427

DEPRECIATION

At 1 April 2020

138,022

Charge for year

52,077

At 31 March 2021

190,099

NET BOOK VALUE

At 31 March 2021

342,328

At 31 March 2020

394,405

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

97,453

77,053

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

8,333

-

Trade creditors

-

5,412

Taxation and social security

722

164

Other creditors

242,994

866,763

252,049

872,339

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

41,667

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

1,667

-

1,667

-