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REGISTERED NUMBER: 10081597 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LONGSTONE IT LIMITED

LONGSTONE IT LIMITED (REGISTERED NUMBER: 10081597)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LONGSTONE IT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr J McCarthy
Mrs K J McCarthy



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 10081597 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Santander
Bridle Road
Bootle
Merseyside
L30 4GB

LONGSTONE IT LIMITED (REGISTERED NUMBER: 10081597)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,673 5,420

CURRENT ASSETS
Debtors 5 9,211 6,973
Cash at bank 33,268 25,384
42,479 32,357
CREDITORS
Amounts falling due within one year 6 22,292 33,394
NET CURRENT ASSETS/(LIABILITIES) 20,187 (1,037 )
TOTAL ASSETS LESS CURRENT LIABILITIES 23,860 4,383

PROVISIONS FOR LIABILITIES 731 1,131
NET ASSETS 23,129 3,252

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 23,029 3,152
SHAREHOLDERS' FUNDS 23,129 3,252

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 May 2023 and were signed on its behalf by:




Mr J McCarthy - Director


LONGSTONE IT LIMITED (REGISTERED NUMBER: 10081597)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Longstone It 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

LONGSTONE IT LIMITED (REGISTERED NUMBER: 10081597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 2 11,385 11,387
Additions - 977 977
Disposals - (240 ) (240 )
At 31 March 2023 2 12,122 12,124
DEPRECIATION
At 1 April 2022 - 5,967 5,967
Charge for year - 2,544 2,544
Eliminated on disposal - (60 ) (60 )
At 31 March 2023 - 8,451 8,451
NET BOOK VALUE
At 31 March 2023 2 3,671 3,673
At 31 March 2022 2 5,418 5,420

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,654 5,604
Other debtors 7 -
Prepayments 1,550 1,369
9,211 6,973

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 7,129 3,765
Tax 6,496 4,708
VAT 1,614 2,659
Other creditors 4,206 11,202
Directors' current accounts 890 9,197
Accrued expenses 1,957 1,863
22,292 33,394

LONGSTONE IT LIMITED (REGISTERED NUMBER: 10081597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr J McCarthy
Balance outstanding at start of year (9,197 ) (1,161 )
Amounts advanced 16,574 13,824
Amounts repaid (8,267 ) (21,860 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (890 ) (9,197 )

Loans are unsecured, interest free and repayable on demand.

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £7,000 (2022 - £20,000) were paid to the directors .