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Registration number: 05768013

Longman Jones Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Longman Jones Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Longman Jones Properties Limited

Company Information

Director

S R Longman

Company secretary

S R Longman

Registered office

235 Newland Avenue
Hull
East Yorkshire
HU5 2EJ

 

Longman Jones Properties Limited

(Registration number: 05768013)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

450,000

435,000

Current assets

 

Debtors

5

1,336

1,931

Cash at bank and in hand

 

29,117

24,718

 

30,453

26,649

Creditors: Amounts falling due within one year

6

(6,238)

(4,347)

Net current assets

 

24,215

22,302

Total assets less current liabilities

 

474,215

457,302

Creditors: Amounts falling due after more than one year

6

(364,868)

(364,892)

Net assets

 

109,347

92,410

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

104,990

89,990

Profit and loss account

4,257

2,320

Total equity

 

109,347

92,410

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

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 October 2023
 

.........................................
S R Longman
Company secretary and director

 

Longman Jones Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 05768013.

The address of its registered office is:
235 Newland Avenue
Hull
East Yorkshire
HU5 2EJ

These financial statements were authorised for issue by the director on 12 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Depreciation

Asset class

Depreciation method and rate

Land and buildings

0% on written down value

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Longman Jones Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 May

435,000

Fair value adjustments

15,000

At 30 April

450,000

Investment property is included at market value which is deemed to be the fair value of the property at the balance sheet date.
An independent valuer was not involved.

5

Debtors

2023
£

2022
£

Trade debtors

1,233

1,826

Prepayments and accrued income

103

105

Total current trade and other debtors

1,336

1,931

 

Longman Jones Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

1,934

690

Taxation and social security

 

3,004

2,473

Accruals and deferred income

 

1,300

1,184

 

6,238

4,347

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

364,868

364,892

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Fair value reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

15,000

15,000

8

Loans and borrowings

2023
£

2022
£

Non-current secured loans and borrowings

Mortgages

364,868

364,892

The mortgages are secured on the company's investment properties.

2023
£

2022
£

Current loans and borrowings

Other borrowings

1,934

690

Borrowings relate to an unsecured directors loan.
 

 

Longman Jones Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Related party transactions

Other transactions with directors

At the year end, the company owed the director £1,934 (2022: £690). This amount is unsecured, interest free and repayable on demand.