Company No: 06880415 (England and Wales)

Contents

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

DIRECTORS	B W Griffith
	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	2023		2022
		£		£
Fixed assets
Tangible assets	3	2,700,111		2,800,559
		2,700,111		2,800,559
Current assets
Stocks		2,000		2,000
Debtors	4	106,665		123,374
Cash at bank and in hand		40,867		58,917
		149,532		184,291
Creditors: amounts falling due within one year	5	( 1,199,974)		( 1,103,603)
Net current liabilities		(1,050,442)		(919,312)
Total assets less current liabilities		1,649,669		1,881,247
Creditors: amounts falling due after more than one year	6	( 68,380)		( 191,231)
Provision for liabilities		( 309,000)		( 244,800)
Net assets		1,272,289		1,445,216
Capital and reserves
Called-up share capital	7	100		100
Revaluation reserve		781,639		811,105
Profit and loss account		490,550		634,011
Total shareholder's funds		1,272,289		1,445,216

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has 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 06 July 2023. They were signed on its behalf by:

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.

Basic financial assets receivable within more than one year are measured at amortised cost 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

During the year, the company received the following income from the government:

Grants administered by the local authority as part of the Market Sustainability and Fair Cost of Care Fund: £4,616 (2022: £Nil);
DCC Grants and Infection Controls - £Nil (2022: £56,989); and
COVID Bounceback Loan interest grant - £Nil (2022: £208).

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

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	54		56

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 April 2022	2,980,000		142,953		9,800		65,505		3,198,258
Additions	9,536		17,542		0		5,822		32,900
Disposals	0		( 41,189)		0		( 16,523)		( 57,712)
At 31 March 2023	2,989,536		119,306		9,800		54,804		3,173,446
Accumulated depreciation
At 01 April 2022	262,958		96,840		7,475		30,426		397,699
Charge for the financial year	89,687		23,165		581		7,526		120,959
Disposals	0		( 32,078)		0		( 13,245)		( 45,323)
At 31 March 2023	352,645		87,927		8,056		24,707		473,335
Net book value
At 31 March 2023	2,636,891		31,379		1,744		30,097		2,700,111
At 31 March 2022	2,717,042		46,113		2,325		35,079		2,800,559

Revaluation of tangible assets

Freehold property was last 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.

Were the property held at historical cost less depreciation, the carrying value would have been:

	2023		2022
	£		£
Historical cost	1,754,523		1,744,987
Accumulated depreciation	(208,271)		(155,635)
Carrying value	1,546,252		1,589,352

4. Debtors

	2023		2022
	£		£
Trade debtors	42,234		39,602
Other debtors	64,431		83,772
	106,665		123,374

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	114,547		108,471
Trade creditors	109,208		120,229
Amounts owed to Group undertakings	187,166		148,482
Amounts owed to directors	575,602		575,002
Accruals and deferred income	80,059		73,189
Corporation tax	3,459		3,459
Other taxation and social security	110,335		30,753
Obligations under finance leases and hire purchase contracts	4,152		4,152
Other creditors	15,446		39,866
	1,199,974		1,103,603

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

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

	2023		2022
	£		£
Bank loans	62,498		177,045
Obligations under finance leases and hire purchase contracts	5,882		14,186
	68,380		191,231

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

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

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Transactions with the entity's directors

	2023		2022
	£		£
Advance to a director	3,521		0

During the year £3,521 (2022: £Nil) was advanced to a director. The balance is interest free and repayable on demand.