REGISTERED NUMBER: 04417553 (England and Wales)

LONGHOURS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A A Khan

SECRETARY:

Mrs S Khan

REGISTERED OFFICE:

53 Wilson Road

Cardiff

CF5 4LL

REGISTERED NUMBER:

04417553 (England and Wales)

FIXED ASSETS

Intangible assets

4

162,195

216,260

Tangible assets

5

999,132

995,979

1,161,327

1,212,239

CURRENT ASSETS

Stocks

6

154,913

152,903

Debtors

7

441,036

99,409

Cash at bank and in hand

56,195

320,330

652,144

572,642

CREDITORS

Amounts falling due within one year

8

624,466

326,601

NET CURRENT ASSETS

27,678

246,041

TOTAL ASSETS LESS CURRENT LIABILITIES

1,189,005

1,458,280

CREDITORS

Amounts falling due after more than one year

9

(275,120

)

(663,269

)

PROVISIONS FOR LIABILITIES

12

(26,894

)

(21,670

)

NET ASSETS

886,991

773,341

CAPITAL AND RESERVES

Called up share capital

13

50,100

50,100

Retained earnings

836,891

723,241

SHAREHOLDERS' FUNDS

886,991

773,341

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 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 4 October 2023 and were signed by:

A A Khan - Director

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 his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

At the date of approving the financial statements the director has 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 director continues to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, 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.

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.

Freehold property is being held at residual value.

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.

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 34 (2022 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

540,650

AMORTISATION

At 1 April 2022

324,390

Amortisation for year

54,065

At 31 March 2023

378,455

NET BOOK VALUE

At 31 March 2023

162,195

At 31 March 2022

216,260

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Computer

property

property

machinery

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

819,384

75,084

703,080

15,779

1,613,327

Additions

-

11,813

14,151

18,187

44,151

At 31 March 2023

819,384

86,897

717,231

33,966

1,657,478

DEPRECIATION

At 1 April 2022

-

15,018

592,449

9,881

617,348

Charge for year

-

1,549

37,300

2,149

40,998

At 31 March 2023

-

16,567

629,749

12,030

658,346

NET BOOK VALUE

At 31 March 2023

819,384

70,330

87,482

21,936

999,132

At 31 March 2022

819,384

60,066

110,631

5,898

995,979

6.

STOCKS

2023

2022

£

£

Stocks

154,913

152,903

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

441,036

99,409

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

92,988

97,899

Trade creditors

152,548

128,788

Taxation and social security

77,832

89,918

Other creditors

301,098

9,996

624,466

326,601

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

275,120

663,269

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

37,500

37,500

Between one and five years

150,000

150,000

In more than five years

225,000

262,500

412,500

450,000

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.

12.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

26,894

21,670

Deferred

tax

£

Balance at 1 April 2022

21,670

Accelerated capital allowances

5,224

Balance at 31 March 2023

26,894

Deferred taxation relates to accelerated capital allowances.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

50,000

Ordinary ' A ' shares

£1

50,000

50,000

100

Ordinary ' B ' shares

£1

100

100

50,100

50,100

14.	DIRECTOR'S 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

£

£

A A Khan

Balance outstanding at start of year

(58,874

)

(53,415

)

Amounts advanced

(19,616

)

(81,851

)

Amounts repaid

370,690

76,392

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

292,200

(58,874

)

The balance is interest free and repayable on demand.

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY

The controlling party is A A Khan.