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REGISTERED NUMBER: 04417553 (England and Wales)









LONGHOURS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022






LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LONGHOURS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: A A Khan





SECRETARY: Mrs S Khan





REGISTERED OFFICE: 53 Wilson Road
Cardiff
CF5 4LL





REGISTERED NUMBER: 04417553 (England and Wales)

LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 216,260 270,325
Tangible assets 5 995,979 210,642
1,212,239 480,967

CURRENT ASSETS
Stocks 6 152,903 152,874
Debtors 7 99,409 226,518
Cash at bank and in hand 320,330 149,719
572,642 529,111
CREDITORS
Amounts falling due within one year 8 326,601 306,507
NET CURRENT ASSETS 246,041 222,604
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,458,280

703,571

CREDITORS
Amounts falling due after more than one
year

9

(663,269

)

(47,015

)

PROVISIONS FOR LIABILITIES 12 (21,670 ) (27,495 )
NET ASSETS 773,341 629,061

LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

BALANCE SHEET - continued
31 MARCH 2022

2022 2021
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 13 50,100 50,100
Retained earnings 14 723,241 578,961
SHAREHOLDERS' FUNDS 773,341 629,061

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 22 August 2022 and were signed by:





A A Khan - Director


LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Longhours Limited 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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

The directors have considered the ongoing impact of Covid-19 on the operations of the entity and the entities ability to continue as a going concern. The directors have and continue to take a number of actions to financially safeguard the company and minimise the effects of the Covid-19.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Useful economic lives of tangible assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimate based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the tangible fixed assets and accounting policies in note 2 for the useful economic lives of each class of asset.

Useful economic lives of intangible assets
The annual amortisation charge of intangible fixed assets is a fixed rate based on the useful economic life of the asset. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimate. See notes for the carrying amount of the intangible fixed assets and accounting policies in note 2 for the useful economic lives of each class of asset.

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

- Revenue represents retail sales to customers and is measured at fair value of the consideration received or receivable and is recognised when all risk and rewards of ownership are transferred to the end customer.
- Services provided to the customer during the normal course of business. Turnover is recognised at the point when all benefits of the services provided are transferred to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Improvements to property - 2% on cost
Plant and machinery - 15% on cost
Computer equipment - 15% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions are recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised with deferred income.

Stocks
Stocks are valued at the lower of cost and estimated selling price less cost to sell 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 ' Basic Financial Instruments '.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measure at the present value of the future payments discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2021 - 41 ) .

LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021
and 31 March 2022 540,650
AMORTISATION
At 1 April 2021 270,325
Amortisation for year 54,065
At 31 March 2022 324,390
NET BOOK VALUE
At 31 March 2022 216,260
At 31 March 2021 270,325

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Computer
property property machinery equipment Totals
£    £    £    £    £   
COST
At 1 April 2021 - 75,084 702,451 10,798 788,333
Additions 819,384 - 629 4,981 824,994
At 31 March 2022 819,384 75,084 703,080 15,779 1,613,327
DEPRECIATION
At 1 April 2021 - 13,516 555,611 8,564 577,691
Charge for year - 1,502 36,838 1,317 39,657
At 31 March 2022 - 15,018 592,449 9,881 617,348
NET BOOK VALUE
At 31 March 2022 819,384 60,066 110,631 5,898 995,979
At 31 March 2021 - 61,568 146,840 2,234 210,642

6. STOCKS
2022 2021
£    £   
Stocks 152,903 152,874

LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 16,784 13,501
NISA share debtor - 137,835
Loan to Tiger ERP 444 444
Other taxes 19,134 17,360
Directors' current accounts 58,874 53,415
Prepayments 4,173 3,963
99,409 226,518

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 97,899 26,127
Trade creditors 128,788 132,071
Corporation tax 55,137 56,704
Social security and other taxes 34,781 31,247
Other creditors 9,643 17,067
Accrued expenses 353 43,291
326,601 306,507

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans 663,269 47,015

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 37,500 97,500
Between one and five years 150,000 390,000
In more than five years 262,500 360,000
450,000 847,500

11. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company has provided a guarantee for a loan facility drawn by the shareholder personally.

The companies bankers have taken fixed and floating charges containing a negative pledge over all property and undertaking of the company.

LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

12. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 21,670 27,495

Deferred
tax
£   
Balance at 1 April 2021 27,495
Decelerated capital allowances (5,825 )
Balance at 31 March 2022 21,670

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
50,000 Ordinary ' A ' shares £1 50,000 50,000
100 Ordinary ' B ' shares £1 100 100
50,100 50,100

14. RESERVES
Retained
earnings
£   

At 1 April 2021 578,961
Profit for the year 144,280
At 31 March 2022 723,241

LONGHOURS LIMITED (REGISTERED NUMBER: 04417553)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

15. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022 2021
£    £   
A A Khan
Balance outstanding at start of year (53,415 ) 66,284
Amounts advanced (81,851 ) (286,159 )
Amounts repaid 76,392 166,460
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (58,874 ) (53,415 )

The balance is interest free and repayable on demand.

16. RELATED PARTY DISCLOSURES

During the year ended 31 March 2022 the company acquired a property from the director for a consideration of £795,000. The property is used by the company in it's day to day operations

The transaction was completed at arms length and the consideration paid to the director was considered to be the open market value of the property.

17. ULTIMATE CONTROLLING PARTY

The controlling party is A A Khan.