Langley Business Systems Limited Filleted accounts for Companies House (small and micro)

LANGLEY BUSINESS SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01202296

Langley Business Systems Limited

Filleted Unaudited Abridged Financial Statements

31 December 2017

Langley Business Systems Limited

Abridged Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		38,524	33,261

Current assets

Stocks	691,377	623,381
Debtors	1,132,315	1,034,005
Cash at bank and in hand	40,390	39,039
	------------	------------
	1,864,082	1,696,425

Creditors: amounts falling due within one year	672,528		581,552
	------------		------------
Net current assets		1,191,554	1,114,873
		------------	------------
Total assets less current liabilities		1,230,078	1,148,134

Creditors: amounts falling due after more than one year	–	1,322
	------------	------------
Net assets	1,230,078	1,146,812
	------------	------------

Capital and reserves

Called up share capital	2,000	2,000
Profit and loss account	1,228,078	1,144,812
	------------	------------
Shareholders funds	1,230,078	1,146,812
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

Langley Business Systems Limited

Abridged Statement of Financial Position (continued)

31 December 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 9 May 2018 , and are signed on behalf of the board by:

Mr E.J. Shelley
Director

Company registration number: 01202296

Langley Business Systems Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2017

1. General information

Langley Business Systems Limited is a company limited by shares in England and Wales within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Rental machines	-	4 years
Fixtures and fittings	-	7 years
Motor vehicles	-	4 years

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

The company operates a defined contribution pensions scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2016: 18 ).

5. Tangible assets

	£
Cost
At 1 January 2017	271,141
Additions	26,896
	---------
At 31 December 2017	298,037
	---------
Depreciation
At 1 January 2017	237,880
Charge for the year	21,633
	---------
At 31 December 2017	259,513
	---------
Carrying amount
At 31 December 2017	38,524
	---------
At 31 December 2016	33,261
	---------

6. Director's advances, credits and guarantees

The director made loans to the company during the year. The loans were interest free. The balance outstanding as at 31st December 2017 was £371,300 (2016 £345,300)

7. Controlling party

E.J. Shelley controls the company as a result of controlling directly 100% of the issued share capital.