Langford Park Limited - Period Ending 2021-03-31
Langford Park Limited - Period Ending 2021-03-31
Year Ended
Registration number:
Langford Park Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Langford Park Limited
Company Information
Directors |
B Griffith D V Griffith |
Registered office |
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Accountants |
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Langford Park Limited
Balance Sheet
31 March 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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Langford Park Limited
Balance Sheet
31 March 2021
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Company Registration Number: 06880415
Langford Park Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Langford Park
Langford Road
Exeter
Devon
EX5 5AG
These financial statements were authorised for issue by the
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 returns, rebates and discounts and after eliminating sales within the company.
Langford Park Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
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 - £131,155
DCC Grants and Infection Controls - £83,409
COVID Bounceback Loan interest grant - £1,042
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 |
Motor vehicles |
25% reducing balance |
Plant and equipment |
25% straight line |
Fixtures and fittings |
20% reducing balance |
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.
Langford Park Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
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.
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.
Langford Park Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Financial instruments
Classification
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Langford Park Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Tangible assets |
Freehold property |
Fixtures and fittings |
Motor vehicles |
Plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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Disposals |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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Eliminated on disposal |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Langford Park Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Freehold property was valued on 4 October 2018 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.
Debtors |
2021 |
2020 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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Prepayments and accrued income |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Langford Park Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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A loan of £585,474 (2020 restated: £609,466) is guaranteed by both of the directors.
Hire purchase agreements are secured over the assets to which they relate to.
Loans and borrowings |
2021 |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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Other borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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HP and finance lease liabilities |
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Other borrowings |
- |
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The bank borrowings are secured by means of a fixed and floating charge over the company.
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Langford Park Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Reserves |
Non-distributable reserves as at 31 March 2021
Revaluation surplus £1,171,181
Deferred tax on revaluation of tangible fixed assets (£222,524)
Depreciation on revaluation surplus (£70,272)
Non-distributable reserves £878,385
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
Related party transactions |
Summary of transactions with all subsidiaries