Company Registration No. 04586309 (England and Wales)
LONGDEN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
LONGDEN PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
LONGDEN PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,339,922
1,293,494
Current assets
Debtors
4
153,538
155,254
Cash at bank and in hand
180
39
153,718
155,293
Creditors: amounts falling due within one year
5
(123,988)
(95,984)
Net current assets
29,730
59,309
Total assets less current liabilities
1,369,652
1,352,803
Creditors: amounts falling due after more than one year
6
(878,948)
(902,879)
Provisions for liabilities
(25,000)
(25,000)
Net assets
465,704
424,924
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
260,217
260,217
Profit and loss reserves
205,387
164,607
Total equity
465,704
424,924

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

LONGDEN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 September 2023 and are signed on its behalf by:
Ian Whysall
Director
Company Registration No. 04586309
LONGDEN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
30 April 2023
- 3 -
1
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
2
Accounting policies
Company information

Longden Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Farriers, Annscroft, Shrewsbury, Shropshire, SY5 8AN.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

2.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

2.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

LONGDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

3
Investment property
2023
£
Fair value
At 1 May 2022
1,293,494
Additions
46,428
At 30 April 2023
1,339,922

Investment property comprises commercial property held by the company at Annscroft, Shropshire. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Halls Holdings Limited, commercial property specialists of Shrewsbury on 30 January 2018. The company has no connection with Halls. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The director considers that there has no subsequent, material movement away from this valuation.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
509
2,225
Amounts owed by group undertakings
153,029
153,029
153,538
155,254
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
54,725
56,485
Trade creditors
9,871
-
0
Corporation tax
22,634
16,136
Other taxation and social security
10,942
7,105
Other creditors
9,833
-
0
Accruals and deferred income
15,983
16,258
123,988
95,984
LONGDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
636,988
691,840
Other borrowings
241,960
211,039
878,948
902,879

The bank loan is secured by a fixed charge over the company's freehold property and by a fixed and floating charge over the company's other assets.

 

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
260,217
260,217
9
Directors' transactions

Directors loan account

 

The balance owed by the company to Ian Whysall as 30 April 2023 stood at £241,960 (2022 - £211,039).

 

Ultimate parent company

 

The company is a wholly owned subsidiary of Longden Holdings Limited (LHL), registered number 11506907 in England & Wales,a company wholly owned and controlled by Mr Ian Whysall and his immediate family.

 

No dividend was paid to LHL during the year (2022 - Nil).

 

The balance owed by LHL at 30 April 2023 stood at £153,029 (2022 - £153,029).

 

 

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