Longport Ltd
Registered number: 02131039
Statement of Financial Position
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 - 984
Current assets
Debtors 4 7,743 -
Cash at bank and in hand 41,228 66,460
48,971 66,460
Creditors: amounts falling due within one year 5 (31,960) (50,977)
Net current assets 17,011 15,483
Net assets 17,011 16,467
Capital and reserves
Called up share capital 170 170
Share premium 29,970 29,970
Profit and loss account (13,129) (13,673)
Shareholders' funds 17,011 16,467
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C J Dawson
Director
Approved by the board on 7 September 2022
Longport Ltd
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company's business was adversely affected by the outbreak of Covid-19 in 2020. Whilst the long-term effect of the virus to the business is uncertain, the directors of the company consider the going concern basis to be appropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment Straight line over three years
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2021 3,134 10,495 13,629
Disposals - (10,495) (10,495)
At 31 December 2021 3,134 - 3,134
Depreciation
At 1 January 2021 3,134 9,511 12,645
On disposals - (9,511) (9,511)
At 31 December 2021 3,134 - 3,134
Net book value
At 31 December 2021 - - -
At 31 December 2020 - 984 984
4 Debtors 2021 2020
£ £
Other debtors 7,743 -
5 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors - 1,400
Accruals 31,960 40,915
Corporation tax - 1,044
Other taxes and social security costs - 7,618
31,960 50,977
6 Other information
Longport Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Great Barn
Smithbrook Barns
Cranleigh
Surrey
GU6 8LH
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